Good Stocks to Buy Right Now: Civitas Resources (CIVI) – Analysis for September 27, 2024
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Civitas Resources (CIVI) closed at $51.21 on Friday, September 27, 2024. Based on the current technical setup, it presents a strong opportunity for swing traders. Here’s a detailed analysis to understand why it’s considered one of the Good stocks to buy right now.
Monthly Time Frame Analysis
If we look at the monthly chart, Civitas Resources (CIVI) had been in a strong downtrend for a while. However, the stock shifted its trend around the $41 price level by breaking the structure to the upside in May 2021. Since September 2023, the stock has been in a retracement phase, testing an unmitigated demand zone on the downside.
Once this demand zone is tested, we expect the stock price to bounce upwards and continue its bullish trend in the coming months. This makes Civitas Resources one of the Good stocks to buy right now for traders seeking long-term gains.
Weekly Time Frame Analysis
On the weekly chart, the stock is currently testing its first unmitigated demand zone. This area is crucial for a potential bullish move towards the upside supply zone around the $65 price level. Additionally, the weekly RSI shows that the stock is oversold, which is another strong indication that a bullish reversal could happen in the coming weeks. This further reinforces Civitas Resources as one of the Good stocks to buy right now.
Key Levels to Watch
- Demand Zone: The current demand zone is being tested, indicating a potential bullish move.
- Supply Zones: The unmitigated supply zone on the upside is around the $65 price level.
Note of Caution
If the price breaks and closes below the $44 level, the bullish setup will be considered invalid.
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Buy Swing Trade Idea
- Buy Entry Range: $50 – $46
- Stop Loss (SL): $44
- Target 1: $60
- Target 2: $65
Conclusion
Civitas Resources (CIVI) is one of the Good stocks to buy right now. The technical indicators are aligned for a potential bullish movement, especially after testing the demand zone. The oversold RSI and retracement phase suggest that the stock is poised for an upward bounce. As always, managing risk with a well-placed stop loss at $44 is crucial in this setup.
FAQs
- Why is Civitas Resources (CIVI) considered one of the Good stocks to buy right now?
The stock is showing strong technical signs of a bullish reversal after testing a key demand zone. Additionally, the RSI indicates oversold conditions, making it a good buy at the current levels. - What is the recommended entry range for Civitas Resources (CIVI)?
The suggested buy entry range is between $50 and $46. - What is the stop loss for this trade idea?
The stop loss is placed at $44. If the price closes below this level, the bullish setup is invalid. - What are the price targets for Civitas Resources (CIVI)?
The first target is $60, and the second target is $65.
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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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