Nov. 15 at 9:28 AM
$MIDD is currently exhibiting bearish momentum, closing at
$118.04 with an RSI of 25.49, indicating it is oversold and may be due for a correction. The price is significantly below both the 30-day moving average (MA30) of
$128.78 and the 50-day moving average (MA50) of
$131.45, suggesting a continuing downtrend. The recent high of
$146.18 and low of
$114.57 creates a range that further supports a bearish outlook, with the current price nearing the 60D low.
Suggested trade plan:
- Entry: Consider entering a long position around
$115.00, near the 60D low, to capitalize on potential short-term recovery.
- Stop: Place a stop-loss at
$112.50 to limit downside risk.
- Targets: Set the first target at
$125.00 (near MA30) and a second target at
$130.00 (near MA50).
Monitor price action closely for any signs of reversal.
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