Nov. 13 at 2:12 AM
$MORN Trade Plan:
Market Context: The last close at
$214.54 indicates a position below both the 30-day moving average (MA30) of
$218.98 and the 50-day moving average (MA50) of
$229.49, suggesting bearish sentiment. The RSI at 41.24 indicates a lack of momentum, as it is below the neutral level of 50, further supporting a bearish outlook.
Directional Bias: With the current price near the 60-day low of
$202.89 and below key moving averages, there is potential for further downside. However, the ATR of 6.04 suggests moderate volatility, allowing for possible short-term trading opportunities.
Suggested Entry: Consider entering a short position at
$213.00.
Stop: Set a stop-loss at
$219.00 to manage risk.
Targets: Aim for a first target at
$206.00 (near 60D low) and a second target at
$202.00.
This plan aligns with current market indicators and price action.
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