Dec. 11 at 10:46 PM
$ET Actionable Trade Alert:
Market Context: Currently,
$ET is trading at
$16.4, below its 30-day (MA30) and 50-day (MA50) moving averages of
$16.69 and
$16.71, respectively. The RSI at 43.14 indicates a neutral trend, suggesting potential for upward movement as it approaches oversold conditions.
Directional Bias: Given the proximity to the 60-day low of
$16.18 and the current price, there's a potential bounce back towards the recent high of
$17.64. The ATR of 0.23 indicates low volatility, suggesting a stable environment for potential upward movement.
Trade Plan:
- Suggested Entry:
$16.40
- Stop Loss:
$16.10 (1.83% below entry)
- Take Profit Targets:
1.
$16.80 (2.44% gain)
2.
$17.20 (4.88% gain)
3.
$19.20 (17.32% gain)
This setup provides a favorable risk-reward ratio with the potential for over 17% ROI at the third target. Monitor closely for market changes.
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