Nov. 13 at 1:30 AM
$MKL is currently trading at
$2059.92, showing a strong bullish momentum with an RSI of 73.96, indicating overbought conditions. The price is above both the 30-day MA (1936.66) and the 50-day MA (1933.78), which supports a bullish bias. However, the high of
$2080.54 within the last 60 days suggests a potential resistance level, while the low of
$1812.24 indicates a solid support base.
Given the current metrics, the directional bias is bullish but caution is warranted due to the high RSI. Suggested entry could be around
$2050, with a stop loss set at
$2000 to manage risk. Target 1 is
$2080, aligning with the recent high, and Target 2 could be set at
$2100, allowing for further upside potential.
Monitor for any signs of reversal as the RSI approaches extreme levels.
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