Nov. 8 at 7:43 PM
$ANET: The current market context shows a last close at
$134.65, which is significantly below the 30-day moving average (MA30) of
$148.97 and the 50-day moving average (MA50) of
$146.65. The RSI at 36.96 indicates that the stock is approaching oversold territory, suggesting potential for a rebound. The price is also near the 60-day low of
$127.58, providing a support level.
Directional bias is bearish in the short term due to the stock trading below key moving averages, but the low RSI hints at a possible reversal.
Suggested entry is around
$135.00, with a stop loss at
$127.50 to limit downside risk. Target 1 is set at
$145.00, aligning with the MA50, while Target 2 is at
$150.00, near the MA30.
This plan aims to capitalize on a potential reversal while managing risk effectively.
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