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Swing Trade Idea (EQIX) – January 25, 2024

Our bearish trade for Thursday, January 25th is Salesforce Inc (EQIX). EQIX is part of the Real Estate Sector, which has performed at -3.61% over the last month, with EQIX performing at -0.80% over the same period.

EQIX traded into an area of resistance at $820 and has failed to break higher over the last month. As such EQIX is currently in an overbought state and is expected to pull back from this level over the duration of the trade. The next areas of support are at around $770 and then $740.

As a close, if EQIX were to trade above $820 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 below $8.45.