Dec. 15 at 7:30 AM
$ST: Current market context shows a strong bullish trend with the last close at
$34.78, significantly above both the 30-day MA of
$31.79 and the 50-day MA of
$31.65. The RSI at 79.2 indicates that the asset is overbought, suggesting a potential pullback or consolidation before further upward movement.
Directional bias remains bullish due to the proximity to the 60-day high of
$36.25, which serves as a key resistance level. Given the ATR of 1.07, we can expect reasonable volatility.
Trade Plan:
- Suggested Entry:
$34.80 (slightly above the last close)
- Stop Loss:
$32.50 (to limit downside risk)
- Take Profit Targets:
1.
$36.00 (approx. 3.5% gain)
2.
$37.00 (approx. 6.5% gain)
3.
$40.00 (approx. 15% gain)
Target 3 offers a potential ROI of over 17%. Monitor RSI for signs of reversal.
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