Dec. 6 at 2:51 AM
$ONTO Actionable Trade Alert:
Market Context:
$ONTO is currently trading at
$159.45, showing strong momentum with an RSI of 78.39, indicating overbought conditions. The price is near the 60D high of
$161.49, suggesting potential resistance. The MA30 (136.07) and MA50 (135.07) are well below the current price, indicating bullish sentiment in the short-term.
Directional Bias: The high RSI indicates a potential pullback, but the strong upward trend may continue if momentum persists. Given the proximity to the 60D high, a cautious approach is warranted.
Trade Plan:
- Suggested Entry:
$159.50
- Stop Loss:
$154.00 (approximately 3% below entry)
- Take Profit Targets:
1.
$162.00 (1.57% ROI)
2.
$165.00 (3.14% ROI)
3.
$186.00 (16.66% ROI)
This plan offers a conservative approach with a potential 17% ROI on the third target while managing risk effectively.
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