Stock Analysis:- Today’s best swing trade idea for July 25, 2024, is Modine Manufacturing (MOD).
Trade Details:
- Date: Wednesday, July 24, 2024
- Closing Price: $98.70
Modine Manufacturing stock continues to trade in a strong buy trend, consistently creating higher highs (HH) and higher lows (HL) in the structure. According to the monthly and weekly time frames, the RSI indicates that the stock price is overbought and shows divergence on the chart. On the weekly chart, a 3-drive pattern has formed at the top, signaling potential weakness and a price reversal to the downside. We plan to open a short position, targeting the downside monthly support zone.
Note: If the price breaks and closes a weekly candle above the $120 level, this short setup will be invalid.
Sell Swing Trade Idea:-
Entry Range: $97-$103
Stop Loss (SL): $120.50
Target 1: $80
Target 2: $70
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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