Nov. 13 at 2:31 AM
$VLY: The stock closed at
$11.11, showing strong momentum as indicated by an RSI of 70.59, suggesting it is overbought. The MA30 at 10.69 and MA50 at 10.70 indicate a bullish trend, but the absence of a MA200 limits long-term trend analysis. The recent 60D high of 11.35 is just above the current price, providing a potential resistance level, while the 60D low of 9.64 offers support.
Directional bias is cautiously bullish but requires monitoring for potential pullbacks due to the high RSI. Suggested entry could be around
$11.00 to capitalize on any retracement. Set a stop loss at
$10.75 to manage risk. Target 1 at
$11.35 (60D high) and Target 2 at
$11.50 for further upside potential.
This trade plan balances the current momentum with risk management, considering the overbought condition.
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