Stock Analysis: Best Stock to Swing Trade This Week 2024 – Payoneer Global (PAYO).
Trade Details: As of Thursday, August 7, 2024, Payoneer Global (PAYO) stock price closed at $6.47. On the monthly time frame, PAYO has been in a strong bearish trend, consistently forming lower lows and lower highs. However, the stock is currently in a consolidation phase, testing the $4 level, which aligns with a previous low.
A pennant pattern has formed at the bottom of this range on the monthly chart. The weekly time frame shows that this pennant pattern has broken to the upside, with the price closing above the trendline. We expect the stock to rise toward the supply level on the upside.
Note: If the price breaks and closes below $4.25, this bullish setup is invalid.
Buy Swing Trade Idea:-
Buy Entry Range: $6.40 – $5.70
Stop Loss: $5.00
Target: $8.30
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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