Nov. 14 at 4:38 AM
$ALGM is currently trading at
$25.28, significantly below its 30-day moving average (MA30) of
$28.62 and its 50-day moving average (MA50) of
$29.27, indicating a bearish trend. The RSI at 11.92 suggests that the stock is heavily oversold, which may lead to a potential reversal or bounce in price. The recent 60-day high of
$33.84 and low of
$24.81 further illustrates the volatility and range-bound nature of the stock.
Given the current metrics, a suggested entry point could be around
$25.50, slightly above the last close to confirm upward momentum. A stop loss should be placed at
$24.75 to limit potential losses. Target 1 could be set at
$27.00, aligning with the MA30, while Target 2 could be set at
$28.00, near the MA50. This plan takes advantage of the oversold condition while managing risk effectively.
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