Nov. 13 at 3:06 AM
$JOE: The current market context shows a strong bullish trend, with the last close at
$60.42 and an RSI of 80.61, indicating overbought conditions. The price is significantly above the 30-day MA of 51.72 and the 50-day MA of 51.28, reinforcing bullish sentiment. However, the high of
$60.96 within the last 60 days suggests a potential resistance level that could limit upward movement.
Directional bias is bullish, but caution is warranted due to the high RSI. Suggested entry is at
$60.00 to capture any pullback. Set a stop loss at
$58.35, just below the ATR of
$2.07 to manage risk.
Target 1 is set at
$61.50, slightly below the 60D high, and Target 2 at
$63.00, anticipating further bullish momentum if the price breaks through resistance.
Monitor closely for any signs of reversal as the RSI indicates potential overextension.
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