Nov. 21 at 2:54 AM
$GPC is currently trading at
$125.03, below both the 30-day moving average (MA30) of
$128.93 and the 50-day moving average (MA50) of
$132.54, indicating a bearish trend. The RSI at 42.76 suggests that the stock is nearing oversold conditions but is not yet in that territory, implying potential for further downside. The recent 60-day high of
$143.48 and low of
$121.6 provide a range that indicates resistance above and support below the current price.
Trade Plan:
- Directional Bias: Bearish, due to the position below key moving averages and the RSI trend.
- Suggested Entry: Short at
$124.50, below the recent close.
- Stop:
$128.00, above MA30 to limit losses.
- Targets: First target at
$121.60 (60D low) and second target at
$118.00, anticipating further decline.
Monitor market conditions closely, as volatility indicated by ATR at 2.4 may affect price movement.
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