Stock Analysis:- Good stocks to buy today for long term next coming weeks – IQIYI (IQ).
Good Stocks to Buy Today for Long Term: iQIYI (IQ) Analysis :-
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For long-term investors seeking good stocks to buy today for long-term growth, iQIYI (IQ) could be an intriguing option. As of Friday, September 20, 2024, IQ closed at $2.10. Let’s explore the technical analysis of the stock and assess why it may present a promising opportunity for long-term gains.
Monthly Time Frame Analysis
On the monthly time frame, iQIYI (IQ) has been in a strong downtrend, forming continuous lower lows (LL) and lower highs (LH). Despite the overall bearish momentum, the stock is currently testing a significant support level near $1.70, which represents a previous low. Interestingly, this test is occurring with low volume, signaling that the selling pressure might be weakening.
This $1.70 level could act as a bullish order block, providing the foundation for a potential reversal. If this level holds, iQIYI could begin a correction to the upside in the coming weeks.
Weekly Time Frame Insights
On the weekly time frame, the stock price is trading within a descending channel, a common pattern that often precedes bullish breakouts. The stock has continued to form LL and LH levels, but we see additional signs of a potential reversal. We have good stocks to buy today for long term for coming motnths.
Key factors include:
- Unmitigated Supply Zones: There are two important supply zones above the current price:
- First supply zone: $4.00
- Second supply zone: $5.00
- Oversold RSI: The Relative Strength Index (RSI) on the weekly chart indicates that the stock is oversold, often a precursor to a bounce or reversal.
Key Levels to Watch
- Bullish Scenario: If iQIYI holds above the $1.00 price level, there is a strong potential for the stock to bounce upward toward the unmitigated supply zones. This bullish setup could trigger a long-term recovery.
- Invalidation of Bullish Setup: If the price breaks and closes below $1.00, the bullish scenario becomes invalid.
Buy Swing Trade Idea for iQIYI (IQ)
For investors interested in a potential long-term trade, here’s a bullish trade setup:
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Buy Entry Range: $2.00 – $1.90
Stop Loss: $1.00
Target 1: $3.00
Target 2: $3.70
Conclusion
iQIYI (IQ) is one of the good stocks to buy today for long term investors who are patient and willing to ride out volatility. Despite its downtrend, the stock is nearing critical support, and both technical indicators and price patterns suggest a bounce could be imminent. However, as always, keep an eye on the price action and be prepared to exit if the stock breaks below $1.00.
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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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