AAL

CME Group Stock Could Slip Below Recent Support

Year-over-year, CME is down more than 23%

Digital Content Manager
Feb 2, 2023 at 3:16 PM
facebook X logo linkedin


CME Group Inc (NASDAQ:CME) is up 1% to trade at $177.25 at last check. A floor at the $174 level has been supporting shares over the past week, but overhead pressure at the $180 area has been capping any positive price action since September. Shares might soon be testing that floor, though, and could add to their 23.7% year-over-year deficit as they come within striking distance of a trendline with historically bearish implications.

More specifically, CME Group stock just neared its 100-day moving average. According to Schaeffer's Senior Quantitative Analyst Rocky White's most recent study, the security saw five similar signals in the past three years, and was lower one month later 80% of the time, averaging a 2.2% decline. A comparable move from its current perch would place shares at $173.36.

 

 CME 100 Day 

Additional headwinds could stem from a shift in analyst sentiment, given seven of the 13 in coverage still carry a "strong buy" rating on CME. In addition, the 12-month consensus target price of $200.82 is a 13.2% premium to current levels, leaving the door wide open for price-target cuts.

 

Same-Day Trading Power: +227% YTD and Counting  — Get in for $10!

We're celebrating 44 years of helping traders win, and you can now tap into one of our most explosive services — Dynamite Day Trading Signals — for just $10.

This service was built for one thing: capturing intraday gains with precision. 

Access two highly-vetted options trades each week -  Complete with defined entries, exits, and a clear plan for same-day profits.

👉 Click Here to Learn More and Position Yourself to Take Action When the Next Alert Hits.