In this daily bar chart of CBT, below, we can see that prices have broken to a new low for the move down, breaking the lows of December, March and June. The slopes of the 50-day moving average line and the 200-day moving average line are negative and bearish. The Moving Average Convergence Divergence (MACD) oscillator is bearish, too.
In this weekly bar chart of CBT, we went further back than our normal three years to show the "big picture." Any support below the market is old and unreliable. The 40-week moving average line is bearish along with the new low in the OBV line. The MACD oscillator has crossed over to a new sell signal.
In this close-only weekly Point and Figure chart of CBT, below, we can see a potential longer-term downside price target in the $29 area.
Bottom line strategy: CBT looks weak and it is probably headed lower -- avoid.