Nov. 20 at 8:24 AM
$CLX: The current market context shows a last close at
$103.68, indicating a bearish trend given the RSI of 21.59, which suggests oversold conditions. The price is below both the 30-day MA of 113.83 and the 50-day MA of 117.63, reinforcing a downward bias. The 60-day high of 128.15 and low of 103.43 indicates a tight range, with the current price near the lower end, suggesting limited downside potential.
Directional bias is bearish, but the extreme RSI indicates a potential for a bounce. Suggested entry is at
$104.00, slightly above the last close to confirm upward momentum. Set a stop loss at
$102.50 to manage risk. Target 1 is
$110.00, aligning with the 30-day MA, and Target 2 is
$113.00, near the 50-day MA. This trade plan allows for a strategic entry while managing risk effectively.
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