Nov. 15 at 9:44 AM
$ELF Trade Plan:
Market Context: The last close is
$73.51, significantly below the 30-day moving average (MA30) of
$117.25 and the 50-day moving average (MA50) of
$125.09. The Relative Strength Index (RSI) is at 15.32, indicating the stock is heavily oversold, suggesting a potential reversal.
Directional Bias: Bearish in the short term due to the price being below both MAs and the recent high of
$150.99. However, the extreme RSI suggests a possible short-term bounce.
Suggested Entry: Consider entering a long position around
$73.51, as it is near the 60-day low of
$69.05, providing a favorable risk-reward setup.
Stop: Set a stop-loss at
$68.00 to limit potential losses.
Targets: First target at
$80.00, which is a psychological level and a minor resistance. Second target at
$90.00, aligning with a potential retracement towards the MA30.
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