BUY Trade: Paychex, Inc. (PAYX) – 121.39
Best Trading
Trade Details:
- This stock is trading at the lower support levels and it will trying to bounce again towards higher levels.
- If the market opens a Gap down then it will consolidates near the lower support area so you can enter only after a bounce.
- It may try to hit 125 levels after a breakout of 123 levels on the upper side with the positive market sentiments.
- After crossing above 123 you can trail your stoploss at your entry price.
- RSI is bullish and currently trading at 46. It must be bounce to higher levels soon.
- Trail your stop loss at entry price after getting a 1:1 risk reward.
- Risk Reward 1:2.5+
Trade, SL, and Target –
Entry = 121.60
Stop Loss = 120.39
Target = 125
Please note: It may go sideways in between 120.5-122. So, make an entry only it triggers our entry levels.
Sell Trade: Lamb Weston Holdings, Inc. (LW) – 102.85
Trade Details:
- It is resisting at the upper trendline levels and it may breakdown from current levels.
- There is also a support and we are expecting a sharp fall after a small moving average breakdown.
- Falling below its moving average makes it weaker on the hourly charts. So, you can also hold this trade with trailing stoploss.
- You can keep your stop loss strict because it is currently in an uptrend and we are planning for reversal.
- RSI is near the overbought zone and it will go down slowly towards lower levels from now.
- Risk Reward = 1:4
Trade SL and Target –
Entry = 103.40
Stop Loss = 104.25
Target = 100
Please note: If it opens gap up then wait for the price to triggers our entry levels then go short on this trade.
Long Trade: Pinnacle West Capital Corporation (PNW) – 67.17
- Expecting a bounce from trendline support which indicates the strong bullish sign in stock.
- It is taking support after the breakout and will go very quickly above its moving average.
- Price is also taking support at the previous support around 67 levels.
- Trade only above the entry point otherwise it may reverse to the lower levels.
- RSI is trading near 50 levels and it may go upto 70-75 levels.
- Strictly follow the Stoploss and Target and trail your stop loss around cost after getting a 1:1 risk reward on your trade.
- Risk Reward = 1:3.5+
Trade SL and Target –
Entry = 67.26
Stop Loss = 66.68
Target = 69.48
Please note: It has already given a breakout and now preparing for good bounce after a small pullback at breakout levels.
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