Signature Bank : Proximity of major support level
Entry price | Target | Stop-loss | Potential |
---|
US$71.21 |
US$75.7 |
US$65.8 |
+6.31% |
---|
A comeback towards the USD 68.3 major support level would give us an opportune entry point.
The security follows a bullish trend in the medium and long term. Nevertheless, the dynamic is bearish in the short run. We expect prices to continue their decrease towards the USD 68.6 weekly major support level, corresponding to the 50-period moving average. Once this level reached, the share may bounce towards the USD 75.7 short term resistance.
Thus, it seems to take a long position once the USD 68.6 support is reached in order to benefit from a rebound. The main bullish objective will be the USD 75.7 resistance. Investors might place a stop loss order below USD 68.3 in order to avoid important losses.
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