Dec. 25 at 1:35 PM
$GM Actionable Trade Alert:
Market Context: The last close for
$GM is
$82.88, with a strong RSI of 82.24 indicating overbought conditions. The stock is trading above its 30-day MA of
$75.72 and 50-day MA of
$72.11, suggesting bullish momentum. However, the high of
$83.68 within the last 60 days indicates potential resistance.
Directional Bias: Given the high RSI and proximity to the 60D high, caution is warranted. However, if momentum persists, there is potential for upward movement.
Trade Plan:
- Suggested Entry:
$82.90
- Stop Loss:
$80.00 (risking
$2.90)
- Take Profit Targets:
1.
$85.00 (Target 1: 2.53% ROI)
2.
$87.50 (Target 2: 5.66% ROI)
3.
$97.00 (Target 3: 17% ROI)
With the current metrics, a move towards the third target is feasible if the bullish trend continues. Monitor RSI for signs of reversal.
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