Nov. 13 at 2:05 AM
$ESTC is currently trading at
$94.53, near its 60-day high of
$95.01, indicating strong upward momentum. The RSI of 69.8 suggests that the stock is approaching overbought territory, which may lead to a pullback. The MA30 and MA50 are significantly lower at 86.21 and 86.78, respectively, indicating that the stock is trading above its short-term moving averages, which is typically bullish but also highlights potential for a correction.
Given the current market context, the directional bias is cautiously bullish, but traders should be vigilant for signs of weakness. A suggested entry point could be around
$93.50, just below the last close, to capture potential upside while mitigating risk. A stop-loss can be placed at
$90.00 to limit losses in case of a downturn. Target 1 can be set at
$96.00, just above the 60-day high, and Target 2 at
$98.00, allowing for further gains if momentum continues.
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