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Nearest Resistance: $8.25
Nearest Support: $7.75
Catalyst: Asset Sale Plan
Shares of cement manufacturer
Cemex(CX - Get Report) got pushed higher yesterday following news that the firm would be selling a minority stake in the firms Latin American assets outside of Mexico. Even though shares are giving back a bit today, they're still seeing considerable trading volume.
Cemex has been in a strong uptrend since the start of the summer, climbing more than 50% since the start of June. News of the asset sale pushed the stock to new 52-week highs, only to settle shares just below resistance at $8.25. With resistance nearby and support further down, it makes sense to wait for $8.25 to get successfully taken out before entering a position in this stock. That could happen sooner than later.
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-- Written by Jonas Elmerraji in Baltimore.