Analysis: A bearish engulfing candle formed on the daily chart at $22.00, indicating strong selling pressure. The stock is trading above the upper Bollinger Band ($21.90), suggesting overextension. The MACD histogram is flattening, hinting at weakening bullish momentum. A move below $21.50 could target the 50-day EMA at $20.30.
Trade Plan:
Entry: $21.60 (below engulfing candle low).
Stop Loss: $22.10 (above engulfing candle high).
Target: $20.30 (50-day EMA, ~7.1% downside).
Risk-Reward Ratio: 1:1.7.
Timeframe: 3-5 days.
Indicators: Bollinger Bands, MACD, Candlestick Patterns.
Trade Plan:
Entry: $21.60 (below engulfing candle low).
Stop Loss: $22.10 (above engulfing candle high).
Target: $20.30 (50-day EMA, ~7.1% downside).
Risk-Reward Ratio: 1:1.7.
Timeframe: 3-5 days.
Indicators: Bollinger Bands, MACD, Candlestick Patterns.
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