Best Trading Stocks Ideas For 16 Oct

Short Trade: The Cigna Group (CI) – 305.09

Best Trading

Trade Details:

1. The Daily charts show there is a resistance level around 306.
2. Trading too far from its moving average and it may try to retest its EMA levels.
3. Around 300 there is s support, so must trail your stoploss.
4. After breaking 300 levels it may fall deeper to fill the gap on hourly charts.
5. RSI is trading in the overbought zone and it may try to reverse.
6. You can hold this trade for a few days for a better move if it closes in favor.
7. Risk Reward 1:3+
   
   Trade, SL, and Target –

Entry = Below 304.50

Stop Loss = 306.61

Target = 297.50

Please note: Trade when it crosses downwards and ignore this stock above 307.

Sell Trade: Pool Corporation (POOL) – 344.25

Trade Details:

1. Market sentiment is negative and this stock may respect its resistance level of 345.
2. It may reverse from 345 levels towards lower levels.
3. Already given a breakdown of support and may try to touch lower levels.
4. Do not trade if this crosses above 345 levels.
5. RSI is flat and the trend is negative.
6. Risk Reward = 1:3.5+

Trade SL and Target –

Entry = Below 343.93

Stop Loss = 345.58

Target = 338

Please note: You can hold this trade if it closed today in profits for the target of 332. Must exit above 346.

Long Trade: Accenture plc (ACN) – 301.83

1. Strong support zone at the current level around 300. (psychological + Daily charts) support zone.
2. It may try to retest its 200 EMA resistance zone.
3. This stock is trading in a channel and currently at the lower support channel
4. Its EMA and trendline resistance are at the same level as our target levels.
5. Trade only when there is a breakout above 302.50, don’t trade in the range.
6. RSI is becoming bullish and reversing from the oversold zone towards higher levels.
7. Strictly follow the Stoploss and Target and trail your stop loss at cost if the price goes above 305
8. Risk Reward = 1:3

Trade SL and Target –

Entry = Above 302.50

Stop Loss = 299.95

Target = 310

Please note: Trade only the entry price is triggered and the price crosses upwards. Don’t trade in case of big gap down opening.

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