Stock Analysis: Good Swing Trade Stocks for Next Month – Equinox Gold Corp (EQX)
Trade Details:
- Date: Tuesday, 17th September 2024
- Stock: Equinox Gold Corp (EQX)
- Closing Price: $6.15
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Monthly Time Frame Analysis
In the monthly chart, Equinox Gold Corp (EQX) has been trending in a bearish direction, consistently forming lower lows (LL) and lower highs (LH). The price action shows a clear downtrend, with the stock recently reaching its November 2018 all-time low.
However, after hitting this low, the stock appears to be attempting a reversal and showing signs of a potential bounce back. This could be triggered by a collection of stop losses at these levels and the formation of a possible retracement move to the upside.
Weekly Time Frame Analysis
On the weekly chart, EQX is currently trading within an ascending channel, which is a bullish pattern suggesting an upward movement.
The stock is making efforts to move toward the unmitigated monthly supply zone, indicating that it might continue in a micro bullish trend. Additionally, the 50 EMA (Exponential Moving Average) is holding strong above the current price, which further supports the potential for bullish momentum.
We expect that in the coming weeks, EQX could continue its upward movement unless it breaks below $3.80, which would invalidate this bullish setup and signal further downside risk.
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Buy Swing Trade Idea for Equinox Gold Corp (EQX)
Buy Entry Range: $5.90 – $5.50
Stop Loss (SL): $4.30
Target 1: $8.32
This swing trade idea presents a good opportunity for traders looking to capitalize on a potential upward move. With clear entry and exit points, this trade offers a solid risk-to-reward ratio. Keep an eye on the price action, especially around the $3.80 level, as a break below this would signal the invalidation of the bullish setup.Its current technical setup makes it one of the good swing trade stocks to watch for the next month.
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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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