11/11/2024 - Here is a new SELL breakout chosen mechanically:11/11/2024 - Here is a new SELL breakout chosen mechanically:
Stop Loss @ $32.36
Entry SELL @ $30.23 or less
Target Profit @ $28.07
RYN trade ideas
RYN - Short EntryRYN may provide a good short entry here assuming indexes are turning bearish which I think they are.
Its potentially printing a shakeout reversal through 50MA and resistance and is at 0.618 retracement from the top.
I'm staggering in here and will buy more around 0.618 from the bounce - 41.53 with SL above the top.
Not advice.
RYN looking to set new highs!* Great earnings year-over-year
* Strong up trend
* High relative strength in the Real Estate sector
* Breaking out of a ~7 month base
* Recently used a multi-year resistance ($35.05) as support
* Looking at the weekly chart it seems like RYN is ready to continue its move to new all-time-highs
Trade Idea:
* If you can stomach a little volatility, now's a great time to enter as the price just broke out.
* If you're looking for a slight discount, you can look for buying opportunities near the $38.40 area as that should serve as support moving forward.
Caution:
* The markets are volatile right now so a daily close below $38.40 would negate the idea for the time being.
