Dec. 8 at 11:14 PM
Actionable Trade Alert for
$EWBC:
Market Context:
$EWBC closed at
$110.56, showing strong momentum as indicated by an RSI of 83.17, suggesting overbought conditions. With the 30-day moving average (MA30) at
$104.05 and the 50-day moving average (MA50) at
$103.54, the price is significantly above these averages, indicating bullish sentiment. The recent high of
$111.36 is just within reach, providing a potential target.
Directional Bias: Given the high RSI and proximity to the 60-day high, a pullback could occur. However, the strong upward trend suggests a continuation before any significant reversal.
Trade Plan:
- Suggested Entry:
$110.56
- Stop Loss:
$108.00 (risking
$2.56)
- Take Profit Targets:
1.
$112.00 (1.3% gain)
2.
$114.00 (3.9% gain)
3.
$129.00 (16.7% gain)
This plan provides a potential ROI of over 17% on the third target while maintaining a reasonable risk-reward ratio.
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