CME Group Inc. (NASDAQ: CME) CME share price registered a breakout this week, surpassing the immediate hurdle of $208. Moreover, the price action shows that CME stock has exited the range, showed follow-on buying interest, and is heading toward the subsequent trajectory of $225. Furthermore, the chart shows that CME stock has attained momentum and is ready to reach $250 in the upcoming sessions. Moreover, the trajectory lows were recently retested after a bounce. Per the price action, a further short-covering rally is anticipated based on the range breakout witnessed on the charts.
CME stock price has surpassed the significant moving averages and is trading in the blue sky zone, showing the bulls’ dominance. Furthermore, the technicals suggest that CME stock will skyrocket and continue to show a glimpse of bullishness in the upcoming sessions. Furthermore, the sellers are covering their positions due to the range breakout. Per the options chain, at the strike price of $210, the open interest of 57 hundred shares on the call side, whereas 20 hundred shares on the put side, shows that short positions were trapped and buyers took advantage and extended the gains.
At press time, CME stock price is trading at $215.76 with an intraday gain of 1.81%, showing bullishness in yesterday’s trading session. Moreover, the trading volume increased by 0.45% to 1.987 Million, and the market cap is $77.62 Billion. Furthermore, analysts have maintained a neutral rating with a yearly target price of $211.73, suggesting a growth outlook for the following sessions.
CME Group, Inc. operates a derivatives marketplace which offers a range of futures and options products for risk management. Its exchanges offer a range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange (FX), energy, agricultural commodities and metals. It offers futures and options on futures trading across asset classes through the CME Globex platform, fixed-income trading via BrokerTec and FX trading on the EBS platform.
Will CME Stock Extend Rally to $250?
On the daily charts, CME stock price has surpassed the trajectory hurdle of $210 and is stretching the rally, indicating a strong bull momentum. Furthermore, CME stock shows a three-rising soldiers pattern and indicates that CME share price has consolidated and is ready to skyrocket in the blue sky zone. Furthermore, CME share price surpassed the 61.8% Fibonacci retracement zone and is heading toward the immediate cluster of $220.
The RSI curve sharply rose to the overbought zone and showed a bullish divergence, indicating that buyers have gained momentum and bears are trapped.
The MACD shows a bullish crossover and green bars on the histogram, suggesting buyers are interested and have persisted in accumulating the stock for the past sessions.
Summary
CME stock has shown a range breakout and surpassed the neckline of $210, indicating buyer interest in the past sessions. Moreover, the price action shows buyer accumulation and bull dominance in the past sessions. Furthermore, the short positions were trapped; follow on buying will continue, and CME stock will reach $250 in the following sessions.
Technical Levels
Support Levels: $210 and $200
Resistance Levels: $220 and $230
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/10/cme-stock-register-breakout-will-bulls-carry-forward-the-rally/