Dec. 19 at 3:15 PM
Actionable Trade Alert for
$WFC:
Market Context:
$WFC is currently trading at
$91.48, showing strong momentum with an RSI of 71.21, indicating it is approaching overbought territory. The stock is above its 30-day moving average (MA30) of 87.46 and 50-day moving average (MA50) of 86.37, suggesting bullish sentiment. The 60-day high is
$94.26, which acts as a resistance level.
Directional Bias: Given the current price action and the position above key moving averages, the bias is bullish, but caution is warranted due to the high RSI.
Trade Plan:
- Suggested Entry:
$91.50
- Stop Loss:
$88.50 (approximately 3% below entry)
- Take Profit Targets:
1.
$93.00 (1.63% gain)
2.
$94.00 (2.67% gain)
3.
$107.00 (16.98% gain)
With a potential ROI of over 17% on the third target, this trade offers a favorable risk-reward ratio. Monitor closely as the stock approaches resistance.
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