Nov. 13 at 1:04 AM
$MMC
Market Context: The last close at
$181.59 indicates a position below both the 30-day (MA30 = 190.66) and 50-day moving averages (MA50 = 194.48), suggesting bearish sentiment. The RSI at 37.33 indicates that the stock is nearing oversold conditions, which may lead to a potential reversal.
Directional Bias: The current price is closer to the 60-day low of
$174.18 than the high of
$213.8, reinforcing a bearish outlook. However, the low RSI suggests that a short-term bounce could occur.
Suggested Entry: Consider entering a long position around
$177, slightly above the 60-day low.
Stop: Set a stop loss at
$173, just below the recent low to manage risk.
Targets: First target at
$185, which aligns with the MA30, and a second target at
$190, near the MA50.
This plan leverages the current market metrics while maintaining a cautious approach.
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