Personally, I’m going to pass on this one for the time being, but as I continue to hunt for long-side trade ideas for those interested, OC (Owens Corning) offers an objective long entry here and/or down to the bottom of this support zone (but not below it) for a bear market rally counter-trend trade with a max stop of 95.40. Price targets (T1 & T2) on the daily chart below.
OC daily Nov 11th
OC is another in the recent theme of “beaten up, down to support, with bullish divergences and oversold conditions blue chip/high-quality stocks” that I’ve been posting in recent months. Essentially, these well-established but beaten-down blue-chip stocks typically offer much less downside risk than the high-flying AI-related tech stocks that tend to fall very hard & fast, once the music stops playing. As always, the maximum suggested stop is based on the final price target. As such, consider a lower stop if only targeting T1.