Swing Trade Idea (FE) – March 28, 2023
Our bearish trade for Tuesday, March 28th is FirstEnergy Corp. (FE). FE is part of the Energy Sector, which has performed at -6.04% over the last month, with FE performing at –1.93% over the same period.
FE is in a downtrend and recently made a lower high at the 21 Day EMA, from where continued bearishness is expected. The 1M trend is bearish and the 6M trend is mildly bearish, confirming our bias for this trade.
As a close, if FE were to trade above $40.50 for multiple days, this would invalidate our analysis and would consider cutting losses on the trade. We also will consider cutting losses on this options trade if the value of the vertical spread moves above $1.60.