Nov. 13 at 1:43 AM
$GPC is currently trading at
$127.24, below its 30-day moving average (MA30) of
$131.35 and 50-day moving average (MA50) of
$134.4, indicating a bearish trend. The RSI of 35.92 suggests that the stock is approaching oversold territory, which may indicate a potential reversal. However, the price remains within the 60-day high of
$143.48 and low of
$121.6, creating a range-bound scenario.
For a trade plan, consider entering a long position if the price breaks above the MA30 at
$131.35, suggesting a potential reversal. Suggested entry is at
$131.50. Set a stop loss at
$125.00 to manage risk. Target 1 can be set at the 60-day high of
$143.48, and Target 2 at the MA50 of
$134.40.
This plan allows for a calculated approach while acknowledging the current bearish sentiment and potential for recovery.
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