Dec. 6 at 3:37 AM
$MGEE Trade Alert:
Market Context: The stock closed at
$78.92, showing weakness with an RSI of 28.7, indicating oversold conditions. The proximity to the 60D low of
$78.56 suggests potential for a bounce.
Directional Bias: Bearish sentiment is evident with the current price below both the 30-day MA (82.91) and the 50-day MA (83.37). However, the oversold RSI indicates a potential reversal opportunity.
Trade Plan:
- Suggested Entry:
$79.00
- Stop Loss:
$77.50 (risking
$1.50)
- Take Profit Targets:
- TP1:
$82.00 (5.1% gain)
- TP2:
$85.00 (7.6% gain)
- TP3:
$92.00 (16.5% gain)
With a potential ROI of over 17% on TP3, this trade aligns with a recovery strategy given the oversold conditions. Monitor for price action near the stop loss to manage risk effectively.
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