CF Industries Holdings Inc. (CF stock) started picking momentum and surpassing the 200-day EMA in the last trading session, showing strength on the charts. Furthermore, the price action shows buyers started to accumulate and are willing to revisit the round mark of $100. Moreover, the rounding bottom pattern was noted on the charts, and CF stock is close to the neckline of $80, which, if surpassed, leads to a spike toward $90, followed by $100 in the upcoming sessions.
CF stock price is trading above the 61.8% Fib level and is surpassing the Bollinger band, gaining strength on the charts. Moreover, the price surpassed the 200-day EMA in the last trading sessions, suggesting that a fresh buying interest was developed and investors made long buildup activity for the past sessions. The lower trajectory is near $50, the strong demand zone, where the stock reverses multiple times. In contrast, the upper trajectory is near $100, the most substantial hurdle and a significant challenge for bulls to surpass the hurdle.
Recently, CF share price retested in the support region at $60 and bounced back, showing buyers’ accumulation. Afterward, CF stock persisted in making higher highs and continued to stretch the gains.
At press time, CF stock price is trading at $79.21 with an intraday gain of 2.78%, showing bullishness on the charts. Moreover, the trading volume increased by 1.89% to 1.786 Million, and the market cap is $15.283 Billion. The Analysts maintained a buy and outperform rating with a yearly target price of $96.84, suggesting a growth outlook for the upcoming sessions.
CF Industries Holdings, Inc. engages in the manufacture and distribution of nitrogen fertilizer. The firm owns and operates nitrogen plants and serves agricultural and industrial customers through its distribution system. It operates through the following segments: Ammonia, Granular Urea, UAN, AN, and Other. The Ammonia segment produces anhydrous ammonia. The Granular Urea segment offers granular urea.
CF Stock Preparing For A Breakout On Daily Charts
On the daily charts, CF stock price closed above the 200-day EMA in the last trading session, indicating that buyers have attained strength and are looking for an up-move to retest the round mark of $100 in the upcoming sessions. Furthermore, the sellers have started covering their positions and suggesting that if the price escapes above $80, it may lead to a rally toward $90.
The RSI curve shows a reversal from the oversold region, forming a bullish divergence on the charts. Moreover, it indicates a follow-up buying activity will continue, and mighty bulls will revisit the round mark of $100 soon.
The MACD indicator shows that red bars have ended and started plotting green bars with a crossover, suggesting buyers have absorbed the pressure and gained traction in the past sessions.
Summary
CF Industries Holdings, Inc. (CF stock) price shows a long buildup activity and indicates buyers gaining traction for the past sessions. Moreover, the stock has closed above the 200-day EMA and is close to the neckline of $80, which, if surpassed, will lead to a sharp move toward $90 soon. Furthermore, buyers have rescued the muscles, retained the strength, and are looking to revisit the round mark of $100.
Technical Levels
Support Levels: $6.60 and $6.00
Resistance Levels: $7.50 and $8.00
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/03/cf-industries-holdings-nyse-cf-gaining-momentum-targets-100/