Stock Analysis:-Today’s Best Swing trading stocks for next week- Futu Holdings Limited(FUTU)
Trade Details: On Friday, August 30, 2024, Futu Holdings Limited (FUTU) closed at $63.56.
Looking at the monthly timeframe, FUTU has been trading in a bearish trend. The stock tested the $21 level, collecting retail traders’ stop losses before bouncing back toward the upside supply zone indicated on the chart.
On the weekly timeframe, the stock is now creating higher highs (HH) and higher lows (HL), signaling a potential shift in momentum.
There’s also an incomplete bearish harmonic pattern forming on the weekly chart, but we anticipate the stock will continue its upward trajectory towards the supply zone.
The stock price also respects the ascending trendline, adding further confidence to a bullish swing trade setup in the coming weeks.
Note: If the price breaks and closes below $51.57, this bullish setup will be invalid.
Buy Swing Trade Idea:-
Buy Entry Range: $63 – $53
Stop Loss (SL): $51.80
Target 1: $80
Target 2: $88
Today’s Best Swing trading stocks for next week.
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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