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  • Swing Trade Idea (PEG) – April 11, 2023

    Apr 11, 2023 Swing Options Tips Comments Off on Swing Trade Idea (PEG) – April 11, 2023

    Our bearish trade for Tuesday, April 11th is Public Service Enterprise Group Incorporated (PEG). PEG is part of the Utilities Sector, which is showing signs of weakness as it made a new high. PEG over-performed relative to its sector at 9.47% over the last month and has also reached a point of exhaustion.

    PEG has formed a double top at a key resistance area of $64, and is showing signs of exhaustion. With strength declining, we believe that PEG will pullback over the period of this trade with the next support at around $59.

    As a close, if PEG were to trade above $64.30 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We also want to consider cutting losses on this options trade if the value of the vertical spread moves below $0.95.

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