Nov. 14 at 11:48 PM
$PSTG: The last close at
$84.59 indicates a significant drop from the 60D high of
$100.59, suggesting bearish sentiment. The RSI at 32.36 indicates that the stock is in oversold territory, which could signal a potential reversal. However, the stock is still trading below both the 30-day MA of
$92.3 and the 50-day MA of
$89.25, reinforcing a bearish trend.
Directional bias is bearish due to the proximity to the 60D low of
$55.47. A potential entry point could be around
$82, anticipating a bounce from the oversold condition. Set a stop loss at
$80 to manage risk.
Targets could be set at
$88 (near the 50-day MA) and
$92 (near the 30-day MA), allowing for a possible recovery if bullish momentum develops.
Overall, the trade plan is cautious with a focus on potential short-term recovery while acknowledging the prevailing bearish trend.
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