Nov. 13 at 3:08 AM
$SMG is currently trading at
$57.94, showing a strong upward momentum with an RSI of 65.85, indicating it is approaching overbought territory. The price is above the 30-day moving average (MA30) of
$55.88 and slightly above the 50-day moving average (MA50) of
$57.33, suggesting a bullish trend. However, the RSI indicates a potential for a pullback, as it is nearing the overbought threshold.
Given the 60-day high of
$64.82 and low of
$52.20, the current price is closer to the high, reinforcing the potential for a short-term correction.
Suggested trade plan:
- Entry:
$57.50 (to capture a potential pullback)
- Stop:
$56.50 (to limit losses)
- Target 1:
$60.00 (psychological resistance)
- Target 2:
$62.00 (near the 60D high)
Monitor RSI for signs of reversal and adjust targets accordingly.
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