Nov. 21 at 2:11 AM
$ANET is currently trading at
$119.59, significantly below its 30-day moving average (MA30) of
$143.14 and 50-day moving average (MA50) of
$144.34, indicating a bearish trend. The RSI at 11.55 suggests that the stock is heavily oversold, which may lead to a potential reversal or short-term bounce. The recent 60-day high of
$164.94 provides a resistance level, while the 60-day low of
$118.90 serves as a support level.
Given this context, a suggested entry point could be around
$120, slightly above the current close to confirm buying interest. A stop-loss should be placed at
$118.50 to limit potential losses. For targets, consider
$125 as the first target, aligning with a minor resistance level, and
$130 as a second target, which is closer to the MA30.
Overall, the trade plan is to capitalize on a potential short-term bounce while managing risk effectively.
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