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HomeTrading FocusedIntraday TradingBest Trading Stocks Ideas For 16 May

Best Trading Stocks Ideas For 16 May

Long Trade: M&T Bank Corporation (MTB) – 154.59

Trade Details: Stock has already given a pullback and trading at its lower support level which will act as a new demand zone for this stock and this stock will bounce towards higher level from this level. The yellow trendline will acts as a resistance and will touch the resistance within next 2 days. It is in very strong uptrend and price may show a quick bounce from here. RSI is trading at 59 levels and it will also bounce again towards higher level which will turn into bullish momentum. Risk reward ratio is 1:3.

Entry = Above 155

Stop Loss = 154

Target = 158

Please note: Wait for confirmation of bullishness in the price then enter into this trade with strict SL only above 155 levels.

Bullish Trade: McKesson Corporation (MCK) – 545.21

Trade Details: Stock is trading at the lower support and now preparing for the bounce towards higher levels.
Price is down in post market of yesterday so after opening up it will bounce higher and try to fil the gap.
RSI is also shifted at the lower zone so there is high probability to rise in prices after pullback as the overall market sentiment is already positive. Once it opens gap down then wait for the bullish sentiment only then enter onto this trade otherwise it will fall further to lower levels.
Risk reward ratio is also favorable at 1:3.5

Trade SL and Target –

Entry = 545.50

Stop Loss = 541.35

Target = 557.83

Please note: Trade only if it reverse from the lower support with bullish sign and keep trailing your SL to secure profits.

Short Trade: Microsoft Corporation (MSFT) – 423.77

Trade Details: Stock was bullish but now turning into a bearish trend and falling from the higher levels and its EMA is too far from the current price that will be the next support levels. Price at the lower trendline will acts as a support level which will be the final target for this trade. RSI is also in overbought zone and turning negative and trading into a bearish pattern and in the downtrend. currently trading at 74 levels and facing downward. Risk reward ratio is also good at 1:3.

There is a trendline levels which will acts as a support and resistance levels. Currently trading at the upper trendline and will come down to the lower levels near 413.

Trade SL and Target –

Entry = 422.41

Stop Loss = 425.51

Target = 413.15

Please note: Be strict with SL because it is already in a strong uptrend and keep trailing to secure bigger profits.

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