Stock Analysis:- Best Swing Trading Stocks for Next Week 2024 – Super Micro Computer (SMCI)
Trade Details:
- Date: Wednesday, July 24, 2024
- Closing Price: $711.56
Super Micro Computer (SMCI) stock trading in a strong bullish trend on the higher time frame, with the stock price creating higher highs (HH) and higher lows (HL) on the chart. However, the weekly chart shows signs of weakness at the higher price levels with up bars, and the RSI indicates overbought conditions. The weekly chart has formed a head and shoulders pattern, with the price currently trading at the pattern’s neckline. Additionally, there is an incomplete M pattern forming, suggesting a potential price reversal to the downside, targeting the support level.
Note: If the price breaks above and closes above the $1022 level, this bearish setup will be invalid.
Sell Swing Trade Idea:-
Entry Range: $711-$830
Stop Loss (SL): $1019
Target 1: $600
Target 2: $500
Target 3: $430
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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