Dec. 12 at 12:54 AM
$HP Actionable Trade Alert:
Market Context: The current market for
$HP shows strong momentum, indicated by an RSI of 84.65, suggesting the stock is overbought. However, this can lead to further price increases before a potential pullback.
Directional Bias: The stock is trading above its 30-day (MA30) and 50-day (MA50) moving averages, which are at
$27.76 and
$26.18 respectively. This indicates a bullish trend. The recent high of
$31.04 within the last 60 days provides a resistance level to watch.
Trade Plan:
- Suggested Entry:
$30.66 (last close)
- Stop Loss:
$28.50 (approx. 7% below entry)
- Take Profit Targets:
- Target 1:
$32.00 (4.4% gain)
- Target 2:
$34.00 (10.8% gain)
- Target 3:
$36.00 (17.4% gain)
This trade plan allows for a structured approach with a solid risk-reward ratio, aiming for a minimum of 17% ROI on the third target.
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