Dec. 11 at 11:00 PM
Actionable Trade Alert for
$MCHP:
Market Context:
$MCHP is currently experiencing strong bullish momentum, evident from the RSI at 96.81, indicating overbought conditions. The last close at
$68.08 is near the 60D high of
$69.00, suggesting potential resistance. However, the price is well above the MA30 (57.79) and MA50 (60.68), indicating a strong upward trend.
Directional Bias: The high RSI suggests a possible pullback, but the overall trend remains bullish due to the proximity to recent highs and strong moving averages.
Trade Plan:
- Suggested Entry:
$68.10 (slightly above last close to confirm momentum)
- Stop Loss:
$65.50 (to limit downside risk)
- Take Profit Targets:
1.
$70.00 (2.8% gain)
2.
$73.00 (7.2% gain)
3.
$79.75 (17.2% gain)
This trade plan allows for a strategic entry with a favorable risk-reward ratio, aiming for a significant ROI on the third target.
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