Nov. 14 at 3:56 AM
$PEN is currently trading at
$278.74, above its 30-day moving average (MA30) of
$252.1 and its 50-day moving average (MA50) of
$256.12, indicating a bullish trend. The RSI at 62.68 suggests that the stock is nearing overbought territory, but not yet in it, allowing for potential upward movement. The recent high of
$288.91 provides a resistance level, while the low of
$221.26 offers support.
Trade Plan:
- Directional Bias: Bullish, given the position above MAs and the RSI level.
- Suggested Entry:
$280.00, to capitalize on momentum.
- Stop:
$270.00, to limit potential losses below recent support.
- Target 1:
$288.00, approaching the 60D high.
- Target 2:
$295.00, for a more aggressive profit-taking point.
Monitor for any changes in RSI and price action near targets.
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