Best Trading Ideas |BUY & SELL| 05 Jan

BUY Trade: ConocoPhillips (COP) – 116.48

Best Trading

Trade Details:

1. This stock is giving a pullback and now preparing for the bounce towards higher levels.
2. If the market opens a Gap down then it may fall again to the lower channel. So ignore it in case of a gap-down opening.
3. It may try to hit its upper resistance near 121 because it is trading in a parallel channel.
4. After crossing above 118.50 you can trail your stoploss at your entry price.
5. RSI is bullish and currently trading near the bottom. It must be bounce to higher levels soon.
6. Trail your stop loss at entry price after getting a 1:1 risk reward.
7. Risk Reward 1:3+
   
   Trade, SL, and Target –

Entry = 117.15

Stop Loss = 115.70

Target = 122

Please note: It may come back to the lower trendline or green zone to retest after opening. So, you can plan to trade when it reverses again for upside.

Sell Trade: Fifth Third Bancorp (FITB) – 34.42

Trade Details:

1. It is taking resistance at the top of the trendline levels and it may fall back from the current levels.
2. There are also high volumes on the selling side so if may continue its fall.
3. EMA is acting as a resistance levels and price is also resisting at the current levels.
4. You can keep your stop loss strict because above the white trendline it may increase quickly.
5. RSI is trading flat and it may give a breakdown soon because market sentiment is also negative.
6. Risk Reward = 1:2.5+

Trade SL and Target –

Entry = Below 34.33

Stop Loss = 34.70

Target = 33.28

Please note: Keep the stoploss strict and if it starts consolidating at the upper trendline then must exit because it go against us.

Long Trade: ONEOK, Inc. (OKE) – 70.87

1. Expecting a bounce from lower support zone which indicates the strong bullish sign in stock.
2. It is taking support at the EMA levels and preparing for the bounce to higher levels.
3. Price is also taking support at the previous support around 70 levels.
4. Our target will be the upper white trendline resistance zone.
5. Trade only above the entry point otherwise it may fall to the lower levels.
6. RSI is trading at 44 levels and it may go upto 70-75 levels.
7. Strictly follow the Stoploss and Target and trail your stop loss around cost after getting a 1:1 risk reward on your trade.
8. Risk Reward = 1:2.5

Trade SL and Target –

Entry = 71.30

Stop Loss = 70.65

Target = 72.90

Please note: Ignore this trade if it opens gap down or crosses below the last hourly candle. 

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