Nov. 22 at 4:03 AM
$GEF is currently trading at
$63.00 with an RSI of 85.71, indicating it is in overbought territory. The 30-day moving average (MA30) is at
$59.26, and the 50-day moving average (MA50) is at
$59.47, suggesting strong upward momentum in the short term. However, the high of
$67.31 over the last 60 days indicates potential resistance, while the low of
$55.75 provides a solid support level.
Given the high RSI and proximity to the 60D high, the directional bias leans bearish in the short term, as a correction may be imminent.
Suggested trade plan:
- Entry:
$62.50 (to capitalize on a potential pullback)
- Stop:
$64.50 (above recent highs to limit losses)
- Target 1:
$60.00 (previous support level)
- Target 2:
$58.00 (MA30 support)
Monitor for any changes in momentum or market conditions that could impact this trade.
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