In my analysis, SentinelOne (S) presents a compelling buying opportunity at the moment. The RSI divergence, coupled with the price aligning with the trendline (200 EMA) and support level, indicates a favorable setup.
Additionally, the formation of a double bottom suggests that buyers have regained control. Reflecting on the market since May 2022, we observe a potential reverse head and shoulders formation, with the attainment of the $30.75 price target potentially completing the right shoulder.
I've chosen to take a long position on the stock, implementing an 8% stop loss and targeting a 36% increase, yielding a risk-to-reward ratio of 4.5.
I plan to reassess once the price target is achieved, as I'm interested in observing whether the stock can break resistance and establish the reverse head and shoulders formation.
Additionally, the formation of a double bottom suggests that buyers have regained control. Reflecting on the market since May 2022, we observe a potential reverse head and shoulders formation, with the attainment of the $30.75 price target potentially completing the right shoulder.
I've chosen to take a long position on the stock, implementing an 8% stop loss and targeting a 36% increase, yielding a risk-to-reward ratio of 4.5.
I plan to reassess once the price target is achieved, as I'm interested in observing whether the stock can break resistance and establish the reverse head and shoulders formation.