Dec. 8 at 10:27 PM
Actionable Trade Alert for
$COP:
Market Context:
$COP is currently trading at
$93.43, showing strength with an RSI of 67.23, indicating it is approaching overbought territory. However, it remains above both the 30-day (MA30=88.96) and 50-day (MA50=89.66) moving averages, suggesting bullish momentum. The stock is near its 60-day high of
$99.65, which may act as a resistance level.
Directional Bias: Given the current price action and the proximity to the 60-day high, we maintain a bullish bias but recommend caution due to the elevated RSI.
Trade Plan:
- Suggested Entry:
$93.50
- Stop Loss:
$90.00 (3.5% below entry)
- Take Profit Targets:
1. Target 1:
$96.00 (2.67% ROI)
2. Target 2:
$98.00 (4.01% ROI)
3. Target 3:
$109.00 (16.66% ROI)
This plan offers a solid risk-reward ratio with potential for over 17% ROI on the final target. Monitor closely for market conditions.
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