Nov. 13 at 2:55 AM
$SLGN is currently trading at
$38.95, significantly below its 30-day moving average (MA30) of
$41.82 and 50-day moving average (MA50) of
$42.46, indicating a bearish trend. The RSI is at 22.83, suggesting the stock is oversold, which could lead to a potential reversal. However, the stock remains within a 60-day high of
$47.53 and a low of
$36.15, indicating a range-bound market.
For a trade plan, consider entering a long position if
$SLGN shows signs of reversal above
$39.50, with a stop loss set at
$37.50 to manage risk. Target 1 can be set at
$41.00, near the MA30, and Target 2 at
$42.00, aligning with the MA50. This approach leverages the oversold condition while acknowledging the prevailing bearish trend.
Stay cautious and monitor market movements closely.
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