Dec. 19 at 4:52 PM
Actionable Trade Alert for
$RDNT:
Market Context:
$RDNT has closed at
$71.4, significantly below its 30-day moving average (MA30) of
$77.92 and 50-day moving average (MA50) of
$77.78, indicating bearish sentiment. The RSI at 24.02 suggests that the stock is oversold, which may lead to a potential reversal.
Directional Bias: Given the oversold RSI and proximity to the 60-day low of
$64.35, there is a potential for a bounce back. However, the stock remains under pressure due to the moving averages.
Suggested Trade Plan:
- Entry:
$71.4
- Stop Loss:
$68.0 (approximately 4.4% below entry)
- Take Profit Targets:
1.
$75.0 (Target 1, 5% ROI)
2.
$78.0 (Target 2, 9.2% ROI)
3.
$83.5 (Target 3, 17% ROI)
This trade plan allows for a solid risk-reward ratio, with a potential upside of 17% at Target 3. Monitor closely for market conditions that could affect price movement.
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