Stock Analysis:- Today’s best swing trade idea for July 24, 2024, is Beam Therapeutics (BEAM).
Trade Details:
- Date: Monday, July 23, 2024
- Closing Price: $30.32
On the weekly time frame, Beam Therapeutics (BEAM) stock trading in a downtrend. The stock price has reached a major support zone in the $13-$19 range. After testing the $17 level, it has bounced back to the upside. Additionally, there is a falling wedge pattern visible on the chart. On the daily time frame, the downtrend structure has converted into a buy trend. Therefore, we plan to buy. The weekly chart structure also shows an incomplete bat harmonic pattern, which we expect to complete in the coming weeks.
Note: If the price breaks and closes below the $12 level, this buy setup is invalid.
Swing Buy Trade Setup Idea:–
Buy Entry: $26-$30
Stop Loss (SL): $12.47
Target 1: $50
Target 2: $62
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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