Dec. 19 at 4:47 PM
Actionable Trade Alert for
$MHK:
Market Context:
$MHK is currently trading at
$109.49, showing bearish momentum with an RSI of 34.31, indicating oversold conditions. The 30-day moving average (MA30) is at
$109.98, while the 50-day moving average (MA50) is at
$114.34, suggesting a downward trend. The stock is closer to its 60-day low of
$102.78, reinforcing a potential reversal opportunity.
Directional Bias: Given the oversold RSI and proximity to the 60D low, we anticipate a potential bounce back towards the MA30.
Suggested Trade Plan:
- Entry:
$109.49
- Stop Loss:
$105.00 (approximately 4.5% below entry)
- Take Profit Targets:
1.
$113.00 (TP1: 3.5% ROI)
2.
$116.00 (TP2: 6.0% ROI)
3.
$128.00 (TP3: 16.9% ROI)
This trade plan aims for a minimum of 17% ROI on TP3 while managing risk effectively. Monitor closely for market conditions.
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