Nov. 20 at 9:34 AM
$HNGE: The last close at
$40.96 indicates a bearish market context, particularly with an RSI of 29.37, suggesting the stock is oversold. The current price is near the 60D low of
$40.2, which may act as a support level. The MA30 at
$48.58 and MA50 at
$51.12 indicate a significant downtrend, reinforcing a bearish bias.
Suggested entry is at
$40.20, just above the 60D low, to capitalize on potential support. Set a stop loss at
$39.50 to limit downside risk. For targets, consider
$43.00, aligning with a potential retracement towards the MA30, and a more ambitious target at
$45.00, near the previous resistance levels.
Overall, the trade plan focuses on a cautious bullish reversal strategy, given the oversold RSI and proximity to the 60D low.
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