Dec. 12 at 12:17 AM
$ALGM: Current market context shows a strong bullish sentiment, evidenced by the RSI at 76.14, indicating overbought conditions. The last close at
$28.11 is above both the 30-day MA of
$26.78 and the 50-day MA of
$27.72, suggesting upward momentum. The 60-day high of
$33.84 provides a clear resistance level, while the low of
$22.41 indicates a solid support range.
Directional bias remains bullish, but caution is warranted due to the high RSI. Suggested entry is at
$28.11. Set a stop loss at
$26.50 to manage risk.
Take Profit Targets:
1. TP1:
$30.00 (approx. 6.7% gain)
2. TP2:
$32.00 (approx. 13.5% gain)
3. TP3:
$33.00 (approx. 17.0% gain)
This trade plan offers a potential ROI of 17% or more on the third target while maintaining a reasonable risk profile. Monitor the trade closely as the RSI indicates potential overextension.
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