Dec. 19 at 4:23 PM
Actionable Trade Alert for
$ALGN:
Market Context:
$ALGN closed at
$161.44, showing strong momentum but overbought conditions indicated by an RSI of 76.76. The price is near the 60D high of
$167.02, suggesting potential resistance ahead.
Directional Bias: The bullish sentiment is supported by the price being above the 30-day MA of
$148.46 and the 50-day MA of
$142.52. However, the high RSI indicates caution as it suggests the stock may be overextended.
Trade Plan:
- Suggested Entry:
$161.44 (current close)
- Stop Loss:
$156.00 (below recent support)
- Take Profit Targets:
1. Target 1:
$165.00 (2.5% gain)
2. Target 2:
$170.00 (5.3% gain)
3. Target 3:
$189.00 (17% gain)
The trade plan aims for a minimum of 17% ROI on the third target while managing risk with a stop loss. Monitor price action closely around resistance levels.
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