Dec. 15 at 6:15 AM
Actionable Trade Alert for
$STLD:
Market Context:
$STLD is currently trading at
$171.97, near its 60D high of
$174.31, indicating bullish momentum. However, the RSI at 72.8 suggests overbought conditions, which could lead to a pullback.
Directional Bias: The price is above both the 30-day MA (160.67) and the 50-day MA (156.04), confirming a strong upward trend. The proximity to the 60D high suggests potential resistance at
$174.31, but if it breaks through, further gains are possible.
Trade Plan:
- Suggested Entry:
$171.97
- Stop Loss:
$165.00 (approx. 4.5% risk)
- Take Profit Targets:
1. TP1:
$175.00 (1.8% gain)
2. TP2:
$180.00 (4.7% gain)
3. TP3:
$201.00 (17% gain)
With the potential for significant upside, this trade offers a favorable risk-reward ratio. Monitor closely for price action around the targets.
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