Nov. 13 at 3:05 AM
$TREX: The current market context indicates a bearish trend, with the last close at
$32.81 significantly below the 30-day moving average (MA30) of
$47.64 and the 50-day moving average (MA50) of
$51.23. The RSI at 14.49 suggests that the stock is in oversold territory, indicating potential for a short-term reversal, but the overall trend remains negative.
Directional bias leans bearish due to the stock trading near the 60-day low of
$31.21. A suggested entry point for a short position could be around
$32.50, with a stop loss set at
$34.50 to manage risk.
Targets for this trade could be set at
$30.00 (psychological support) and
$28.00 (previous support level), considering the ATR of 2.52, which indicates volatility.
Monitor for any signs of reversal, but maintain a bearish outlook given the current metrics.
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