Nov. 14 at 11:44 PM
$EL Trade Plan:
Market Context:
$EL is currently trading at
$88.18, significantly below its 30-day moving average (MA30) of
$94.5 and 50-day moving average (MA50) of
$91.63. The Relative Strength Index (RSI) is at 21.17, indicating oversold conditions, which may suggest a potential reversal.
Directional Bias: Given the low RSI and proximity to the 60-day low of
$83.12, there is a bearish sentiment in the short term. However, the oversold condition could lead to a corrective bounce. The price is also well below recent highs (60D High of
$104.53), reinforcing the bearish trend.
Suggested Entry: Consider entering a long position at
$88.50, just above the last close.
Stop: Set a stop loss at
$83.00, just below the recent low to manage risk.
Targets: First target at
$92.00 (near MA50), and a second target at
$95.00 (near MA30).
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