Nov. 13 at 1:15 AM
Market Context:
$O is currently trading at
$57.15, near the lower end of its 60-day range (55.95 - 61.09). The RSI at 29.38 indicates oversold conditions, suggesting potential for a rebound.
Directional Bias: The bearish sentiment is evident with the price below both the 30-day MA (58.83) and the 50-day MA (59.14). However, the low RSI suggests a possible reversal, making a bullish outlook plausible in the short term.
Suggested Entry: Consider entering a long position at
$57.50, slightly above the last close to confirm upward momentum.
Stop: Set a stop loss at
$55.85, just below the 60-day low to manage risk.
Targets: Aim for a first target at
$59.00, near the 30-day MA, and a second target at
$60.00, approaching the 60-day high.
This plan leverages the oversold RSI and proximity to the low end of the range, while also considering key moving averages.
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