Dec. 6 at 1:50 AM
Actionable Trade Alert for
$EL:
Market Context:
$EL is currently trading at
$103.82, showing strong momentum but is overbought with an RSI of 74.17. The stock is above its 30-day (93.52) and 50-day (93.11) moving averages, indicating bullish sentiment. However, the RSI suggests a potential pullback due to overbought conditions.
Directional Bias: The recent high of
$104.53 indicates a resistance level, while the low of
$83.12 provides a solid support base. Given the current price near the high and the overbought RSI, a cautious bullish stance is recommended.
Trade Plan:
- Suggested Entry:
$103.82
- Stop Loss:
$100.80 (below recent support)
- Take Profit Targets:
1.
$106.00 (2.1% ROI)
2.
$108.00 (4.2% ROI)
3.
$121.00 (16.5% ROI)
Target 3 provides an attractive ROI of over 17%. Monitor for any signs of reversal as the price approaches targets.
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