Nov. 13 at 1:42 AM
$LITE is currently trading at
$252.72, which is significantly above its 30-day moving average (MA30) of
$184.94 and 50-day moving average (MA50) of
$174.75, indicating a strong bullish trend. However, the RSI at 78.91 suggests that the stock is overbought, which could lead to a potential pullback. The recent high of
$273.89 and low of
$111.20 over the last 60 days further highlight the volatility and potential for price corrections.
For a trade plan, consider entering a short position at
$252.72, with a stop loss set at
$260 to manage risk. Target the first exit at
$230, aligning with potential support levels, and a second target at
$210, which is a psychological level and may coincide with previous price action.
Overall, the combination of high RSI and proximity to recent highs suggests a cautious approach to long positions, favoring bearish strategies in the near term.
https://privateprofiteers.com
