Cooper Tire & Rubber Company (NYSE:CTB) has been steadily trading lower on the charts over the past few months. The stock peaked out at $44.50 a share on April 3, and is trading today at $34.97. Traders should note that the stock hit its 200-week moving average Monday and that should serve as short-term chart support. But it's important to note that a close below the $34 level on a weekly basis could trigger further decline.
The institutional buy level for CTB is around $30.50, an area where the stock was defended in June 2016. This price level is likely to be defended again by the institutional crowd when retested.
