Dec. 10 at 2:40 AM
$CME Analysis: The last close was
$270.12, with an RSI of 35.4 indicating oversold conditions, suggesting potential for a rebound. The current price is below the 30-day MA of
$273.94 and the 50-day MA of
$271.31, reinforcing a bearish sentiment. However, the proximity to the 60-day low of
$257.17 creates an opportunity for a reversal.
Trade Plan:
- Suggested Entry:
$270.50
- Stop Loss:
$265.00 (risking
$5.50)
- Take Profit Targets:
1.
$275.00 (Target 1: 1.5% gain)
2.
$280.00 (Target 2: 3.5% gain)
3.
$316.00 (Target 3: 17% gain)
Market Context: With the RSI indicating oversold conditions and the potential for a bounce from the recent low, the directional bias is bullish. The ATR of
$5.08 suggests volatility, supporting the potential for reaching these targets.
Monitor closely for price action around these levels.
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