Stock Analysis:- Today’s best swing stock idea for July 22, 2024, is NXP Semiconductors (NXPI).
Trade Details:
- Date: Friday, July 19, 2024
- Closing Price: $269
On the weekly time frame, the stock price is trading within an ascending broadening wedge. NXP Semiconductors has been creating a continuous pattern of higher highs (HH) and higher lows (HL), maintaining a strong buying trend. However, the RSI indicates the price is overbought, suggesting a potential short-term move down to the lower trendline of the ascending broadening wedge. The current weekly candle clearly engulfs the previous candle with high volume.
Note: If the price breaks above $297, this sell setup will be invalid.
Sell Swing Trade Ideas:-
Entry Price Range: $270-$280
Stop Loss (SL) Price: $297
Target 1: $250
Target 2: $230
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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