Dec. 8 at 11:00 PM
Actionable Trade Alert for
$NTAP:
Market Context:
$NTAP is currently trading at
$116.72, showing strong momentum with an RSI of 69.89, indicating it is nearing overbought territory. The 30-day moving average (MA30) is at
$112.36, and the 50-day moving average (MA50) is at
$114.93, suggesting a bullish trend above these levels. The recent 60-day high of
$126.66 provides a potential target range.
Directional Bias: Given the high RSI and proximity to the 60D high, we anticipate a bullish continuation but advise caution due to potential overbought conditions.
Trade Plan:
- Suggested Entry:
$117.00
- Stop Loss:
$113.00 (3.5% below entry)
- Take Profit Targets:
1.
$121.00 (3.4% gain)
2.
$124.00 (5.9% gain)
3.
$137.00 (17.1% gain)
This trade plan offers a balanced risk-reward ratio while aiming for a significant ROI on the third target. Monitor closely for market shifts.
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