Dec. 6 at 2:51 AM
Actionable Trade Alert for
$CMC:
Market Context:
$CMC is currently trading at
$65.23, near its 60D high of
$65.94, indicating bullish momentum. However, the RSI of 72.69 suggests overbought conditions, warranting caution.
Directional Bias: The price is above both the 30-day MA (60.36) and the 50-day MA (59.64), reinforcing a bullish trend. The proximity to the 60D high suggests potential resistance, but the overall trend remains upward.
Trade Plan:
- Suggested Entry:
$65.23 (current price)
- Stop Loss:
$63.40 (below recent support, approximately 2.8% risk)
- Take Profit Targets:
- Target 1:
$67.00 (2.7% gain)
- Target 2:
$69.00 (5.5% gain)
- Target 3:
$76.50 (17.3% gain)
This plan allows for a solid risk-reward ratio, especially with Target 3 achieving over 17% ROI. Monitor the RSI and price action closely to adjust the strategy as needed.
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