CME Group Remains Under Pressure, Here’s The Trade Level
The CME Group Inc (CME) is one of the leading futures exchanges in the world. The stock has been steadily declining since June 1st, 2021. At that time, the CME Group Inc (CME) traded as high as $221.82 a share. Today, CME Group Inc (CME) stock is trading lower by $1.04 to $200.80 a share. The stock is now trading below its 50-day moving average putting it in a weak technical position on the charts. A break and daily chart close below the recent pivot low ($195.90) should signal further downside for the shares.
CME Group Inc (CME) stock should have very strong support around the $186.00 area. This support level is where the stock broke out of a sideways pattern back in mid-February 2021. Often, equities will be defended by the institutional crowd when prior breakout levels are tested. The chart also has a rising 200-week moving average around the $184.00 area adding to the strength of the support area. The $186.00 level should be a very solid long side trade setup.
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