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HomeSwing TradingToday's Best Swing Trade Idea for July 24, 2024

Today’s Best Swing Trade Idea for July 24, 2024

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
Today's best swing trade idea for July 24, 2024, is Beam Therapeutics (BEAM).
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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