Stock Analysis:- Today’s Best Top Swing Trade Idea – July 26, 2024 : Arch Resources (ARCH)
Trade Details:
- Date: Thursday, July 25, 2024
- Closing Price: $141
Arch Resources (ARCH) stock is currently in a major bullish trend. On the weekly timeframe, the stock price has been consistently forming higher highs (HH) and higher lows (HL). The previous high swing at the $182 price level created a bullish flag pattern at the top. However, the current scenario shows that the bullish flag pattern has failed, and the price has collected stop losses from retail traders above the high swing. Now, we can see a head and shoulders pattern on the chart, and the stock price has broken the neckline of this pattern. We expect the price to retest the head and shoulders pattern neckline and then drop to the downside, targeting the flag’s low swing. The RSI also shows strong divergence.
We plan to open a short position after the retest of the pattern neckline.
Note: If the price breaks and closes above $184.58, this bearish setup will be invalid.
Sell Swing Trade Idea:-
Entry Range: $140-$160
Stop Loss (SL): $181.80
Target 1: $123
Target 2: $110
Target 3: $101
Note: Always remember: risk no more than 1% per trade.” Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
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