Cooper Tire & Rubber Company, together with its subsidiaries,
manufactures and markets replacement tires worldwide. It operates in two
segments, North American Tire Operations and International Tire
Operations. The North American Tire Operations segment offers passenger
car and light truck tires, as well as distributes tires for racing,
medium trucks, and motorcycles to independent tire dealers, wholesale
distributors, regional and national retail tire chains, and other
automotive product retail chains. This segment sells its products
through three own retail stores. The International Tire Operations
segment manufactures and markets passenger car, light truck, motorcycle,
and racing tires and tire retread material. The company was founded in
1913 and is based in Findlay, Ohio.
Please take a look at the 1-year chart of CTB (Cooper Tire & Rubber Company) below with my added notations:
The trades here are pretty simple. CTB has been holding a very
important level of support at $24 (blue) for the last (5) months. No
matter what the market has or has not done over that period of time, CTB
has not broken below that $24 support level. The stock approaching $24
should provide a bounce higher. However, if the overall market were to
sell-off, CTB could break that support.
The Tale of the Tape: CTB has a very strong level of support at $24. A
trader could enter a long position at $24 with a stop placed under the
level. If the stock were to break below the support, a short position
would be recommended instead.
Please share this article
No comments:
Post a Comment