Swing Trade Idea (CF) – August 8, 2024
Our bearish trade for Thursday, August 8th is CF Industries Holdings Inc (CF). CF is part of the Materials Sector, which performed at 0.02% over the last month. CF performed at 4.91% over the same period.
CF is in a bearish trend and recently made a new lower high, from where it is pulling back. With its corresponding sector also pulling back from the top of a trend channel, we believe that CF has further potential downside over the duration of this trade, with a first target of $70 being likely.
As a close, if CF were to trade above $75 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 $5.64.
