Here's a chart of Cemex for James who wrote:
What do you think about CX... Its down like 18 points in the past month and has just been getting killed by the bears. Looks oversold right now but its under the 200 day MA which worries me. What kind of bounce do you think we could see in this thing, if any. This is a mexican company so its getting killed because of fear of further interest rate increases.
I think James has good reason to be worried about the 200-day moving average. In fact, I wouldn't be surprised if it couldn't get past $56, which is where straight-line resistance and the downward sloping trendline are converging. If you trade with the trend there's no reason to be long this stock right now.
