Dec. 6 at 3:07 AM
$CNX: Actionable Trade Alert
Market Context:
$CNX is currently trading at
$40.39, near its 60D high of
$40.68, indicating strong bullish momentum. The RSI at 77.49 suggests overbought conditions, which may lead to a pullback. However, the price is well above the 30-day MA of
$35.99 and the 50-day MA of
$34.61, reinforcing a bullish trend.
Directional Bias: Bullish, but monitor for potential retracement due to high RSI.
Trade Plan:
- Suggested Entry:
$40.00 (considering slight pullback)
- Stop Loss:
$38.00 (5.9% below entry)
- Take Profit Targets:
1.
$42.00 (5% gain)
2.
$44.00 (10% gain)
3.
$47.00 (16.5% gain)
Target 3 provides an ROI of 17% from the entry point. Monitor RSI and price action closely for adjustments.
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