Swing Trade Idea (RF) – April 29, 2022
Our bearish trade for Friday, April 29th is Regions Financial Corporation (RF). RF is part of the Financial sector that has recently broken below a key support level.
RF recently broke below the $21.50 support turned resistance level and rejected this level on the retest which provides a good risk/reward bearish entry. The 6M trend is bearish and the Relative Strength is 6/10.
As a close, if RF were to trade above $22 for multiple days, this would invalidate our analysis and focus cutting losses on the trade. We also consider cutting losses on this options trade if the value of the vertical spread moves above $1.70.