Dec. 6 at 2:27 AM
Actionable Trade Alert for
$PEN:
Market Context:
$PEN is currently trading at
$294.72, showing strong momentum with an RSI of 65.18, indicating it is nearing overbought territory. The price is above key moving averages (MA30 at 268.1 and MA50 at 262.15), suggesting bullish sentiment. The recent 60D high of
$301.22 provides a critical resistance level, while the low of
$221.26 indicates a strong support zone.
Directional Bias: The upward trend is supported by the price being above the MAs and the recent high. However, caution is advised due to the high RSI, which may indicate a potential pullback.
Trade Plan:
- Suggested Entry:
$295.00
- Stop Loss:
$286.00 (below MA30)
- Take Profit Targets:
1.
$302.00 (2.4% ROI)
2.
$310.00 (5.2% ROI)
3.
$345.00 (17% ROI)
This trade plan positions for a breakout above recent highs while managing risk effectively.
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