CINF: A Good Pullback Trading Opportunity

NASDAQ:CINF   Cincinnati Financial Corporation
Cincinnati Financial Corporation has been moving in an ascending channel since 2020 summer after its recovery from the pandemic economic shock. Last month, the price has reached a new high at the $142.50 level. After reaching a new high, the price retraced and retested the suport level of $120. From the support level, the price has formed a potential double top pattern, making a neckline area at around the $126 level.

The price has reached a new high; therefore, we will plan to buy the pullback. Currently, we are watching for a breakout from the neckline of the double bottom pattern. After a clear breakout, we will place our buy limit orders at the neckline level to capture the retest. Our buy target is set at the previous high of $142.50 level.

Check out our previous trend-following stock trading ideas below :)

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.