Swing Trade Idea (ALL) – September 23, 2022
Our bearish trade for Friday, September 23rd is The Allstate Corporation (ALL). ALL is part of the Financial Sector, which has performed at -7.34% over the last month, with ALL overperforming relative to its sector at 1.97% for the same period
ALL made a triple top at the $132 resistance area, from where it is trading lower as strength declines. As this is a counter-trend trade, we expect ALL to continue lower towards support at $120. This provides a good risk/reward bearish entry.
As a close, if ALL were to trade above $130 for multiple days, this would invalidate our analysis and would co nsider cutting losses on the trade. We also will consider losses on this options trade if the value of the vertical spread moves below $1.35.
