Dec. 8 at 11:23 PM
Actionable Trade Alert for
$PAA:
Market Context:
$PAA is currently trading at
$17.48, showing strong momentum with an RSI of 70.1, indicating overbought conditions. However, the price is above both the 30-day MA (16.98) and the 50-day MA (16.78), suggesting bullish sentiment in the short term. The 60-day high of
$17.98 offers a potential resistance level.
Directional Bias: Given the RSI's elevated level, a pullback could occur, but the price action above the moving averages indicates continued strength. The high-low range from
$15.69 to
$17.98 provides a solid framework for setting targets.
Suggested Trade Plan:
- Entry:
$17.48
- Stop Loss:
$16.90 (below recent support)
- Take Profit Targets:
1.
$17.80 (approx. 1.8% gain)
2.
$18.00 (approx. 2.9% gain)
3.
$20.50 (approx. 17.3% gain)
This trade plan allows for a risk-reward ratio that aligns with a potential 17% ROI on the third target.
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