Dec. 10 at 4:33 AM
$CRNX Actionable Trade Alert:
Market Context:
$CRNX is currently experiencing bullish momentum, closing at
$47.9. The RSI at 73.26 indicates overbought conditions, suggesting potential price corrections. However, the price is above both the 30-day (MA30=43.85) and 50-day (MA50=43.36) moving averages, indicating a strong upward trend.
Directional Bias: The recent high of
$49.29 suggests resistance, while the low of
$33.28 provides a solid support base. Given the current price action and the proximity to the 60D high, a cautious bullish stance is warranted.
Trade Plan:
- Suggested Entry:
$48.00
- Stop Loss:
$45.00 (5.9% risk)
- Take Profit Targets:
1.
$50.00 (4.17% gain)
2.
$52.00 (8.33% gain)
3.
$56.00 (17.65% gain)
With a stop loss set at
$45.00, achieving the third target at
$56.00 provides a potential ROI of over 17%. Monitor the RSI for signs of reversal.
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