Dec. 11 at 10:27 PM
Actionable Trade Alert for
$BAC:
Market Context:
$BAC closed at
$54.15, showing strong momentum with an RSI of 79.68, indicating overbought conditions. The price is near the 60D high of
$54.83, suggesting potential resistance ahead. The MA30 and MA50 are at
$53.07 and
$52.25, respectively, indicating a bullish trend but caution is warranted due to the high RSI.
Directional Bias: Given the overbought RSI and proximity to the 60D high, a short-term pullback is likely. However, if momentum persists, we can capitalize on potential price swings.
Trade Plan:
- Suggested Entry:
$54.15
- Stop Loss:
$52.50 (1.2% below entry)
- Take Profit Targets:
1.
$55.00 (1.6% gain)
2.
$55.50 (2.5% gain)
3.
$63.50 (17.3% gain)
This plan provides a solid risk-reward ratio, with TP3 offering over 17% ROI. Monitor closely for price action and adjust as needed.
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