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  • Swing Trade Idea (PCAR) – October 03, 2023

    Oct 03, 2023 Swing Options Tips Comments Off on Swing Trade Idea (PCAR) – October 03, 2023

    Our bearish trade for Tuesday, October 3rd is Paccar Inc. (PCAR). PCAR is part of the Industrial Sector, which has performed at -7.24% over the last month, with PCAR performing at 3% over the same period.

    PCAR has failed to break above a key area of resistance for three months and is currently in an overbought state. PCAR has overperformed relative to its sector which indicates that it will correct by pulling back to lower levels while resistance will be respected. The next areas of support are $82 and then $75.

    As a close, if PCAR were to trade above $87 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $3.14 Debit.

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