Stock Analysis: Today’s best swing trade idea for 2024 is Evolent Health (EVH).
Trade Details: Tuesday, July 16, 2024, the Evolent Health (EVH) stock price closed at $21.72.
According monthly time frame, the main trend is a buy , but over the past four months, the market trend has shifted to sell, creating lower lows (LL) and lower highs (LH) in the structure. Currently, the market price has bounced up from the previous monthly demand zone level, and we can also see a harmonic bat pattern on the monthly time frame.
In the weekly time frame, the price is trading within a falling wedge pattern. Now, the trade will be counter to the current trend. We will hold until the price reaches above the supply zone at $28.50.
Note: If the price breaks down below $17.21, this setup is invalid.
Buy Counter-Trend Trade Idea:-
- Entry Price Range: $20–$21
- Stop Loss (SL) Price: $17
- Target 1: $25
- Target 2: $28.50
Note: Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
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