Dec. 19 at 3:38 PM
$A: Current market context indicates a bearish sentiment, as evidenced by the RSI at 14.36, which suggests the asset is oversold. The last close at
$136.9 is significantly below the 30-day moving average (MA30) of
$146.48 and the 50-day moving average (MA50) of
$145.14, reinforcing the downward trend. The 60-day high of
$160.27 and low of
$120.78 indicates a wide trading range, providing potential for recovery.
Directional bias leans towards a short-term rebound given the extreme RSI. Suggested entry point is at
$137.5, with a stop loss set at
$132 (approximately 3.5% risk).
Take Profit Targets:
1. TP1:
$145 (6.3% gain)
2. TP2:
$150 (8.8% gain)
3. TP3:
$160 (16.9% gain)
This trade plan offers a favorable risk-reward ratio with an expected ROI of over 17% on TP3. Monitor price action closely for any signs of reversal.
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