Stock Analysis: Today’s Top Swing Trade Idea for August 9 2024 – Marathon Digital Holdings (MARA).
Trade Details: As of Thursday, August 8, 2024, Marathon Digital Holdings (MARA) stock closed at $17.39. On the monthly time frame, MARA is in a bearish trend, with an “M” pattern visible on the chart, indicating potential further downside. The stock recently attempted to retrace towards the “M” pattern’s and tested the supply zone. According to the weekly time frame, MARA traded within a rising wedge, tested the supply zone, and has now broken and closed below the wedge. The daily time frame also signals that the counter buy trend has ended. We anticipate a price drop in the coming weeks.
Note: If the price breaks and closes above $30, this bearish setup becomes invalid.
Sell Swing Trade Idea:-
Sell Entry range @ = 17-21
SL @ = 26
Target 1 @ = 12
Target 2 @ = 9
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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