Dec. 8 at 10:18 PM
Actionable Trade Alert for
$BAC:
Market Context:
$BAC closed at
$53.92, showing bullish momentum with an RSI of 70.75, indicating overbought conditions. The price is above the 30-day MA of
$52.96 and the 50-day MA of
$52.11, suggesting a strong upward trend. The 60-day high of
$54.83 is just above the current price, indicating potential resistance.
Directional Bias: Bullish, as the stock is trading above key moving averages and near its recent high.
Trade Plan:
- Suggested Entry:
$54.00 (slightly above the last close to confirm upward momentum)
- Stop Loss:
$52.50 (below the 30-day MA for protection)
- Take Profit Targets:
1.
$55.00 (1.85% gain)
2.
$56.00 (3.88% gain)
3.
$63.00 (17% gain)
Rationale: Target 3 provides a significant ROI, capitalizing on the strong upward trend while managing risk effectively with a stop loss. Monitor RSI for potential reversals.
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