Dec. 17 at 3:12 AM
$CNM Trade Alert:
Market Context:
$CNM is currently trading at
$54.68, showing strong bullish momentum with an RSI of 81.57, indicating overbought conditions. The price is significantly above the 30-day MA of
$49.74 and the 50-day MA of
$50.74, suggesting a strong upward trend. The recent 60-day high of
$57.12 presents a key resistance level.
Directional Bias: The high RSI suggests caution, but the strong position above moving averages indicates continued bullish sentiment. The price is within the high-low range, allowing for potential gains.
Trade Plan:
- Suggested Entry:
$54.68
- Stop Loss:
$52.50 (1.5 ATR below the entry)
- Take Profit Targets:
1.
$56.00 (Target 1, +2.4% ROI)
2.
$57.00 (Target 2, +4.8% ROI)
3.
$64.00 (Target 3, +17% ROI)
With a favorable risk-reward ratio and potential for significant returns, consider this actionable trade.
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