Dec. 19 at 3:24 PM
Actionable Trade Alert for
$CDNS:
Market Context: The stock closed at
$315.1, showing a stable price action with an RSI of 56.22, indicating a neutral to slightly bullish sentiment. The current price is below both the 30-day MA at
$319.06 and the 50-day MA at
$325.67, suggesting potential resistance above.
Directional Bias: The RSI is not overbought, allowing for further upside potential. The 60-day high of
$366.71 provides a target for bullish momentum, while the low of
$295.18 offers a clear support level.
Trade Plan:
- Suggested Entry:
$316.50 (slightly above the last close to confirm momentum)
- Stop Loss:
$308.00 (below recent support)
- Take Profit Targets:
1.
$325.00 (2.3% gain)
2.
$340.00 (7.9% gain)
3.
$370.00 (17.4% gain)
This plan aims for a minimum of 17% ROI on the third target while maintaining a manageable risk. Monitor price action closely around the MA levels for potential adjustments.
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