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October 04, 2024, 20:18 pm ET, BY Momei- Contributor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy HEI.A near 197.63 with an upside target of 207.36. This data also tells us to set a stop loss @ 197.06 to protect against excessive loss in case the stock begins to move against the trade. 197.63 is the first level of support below 203.15 , and by rule, any test of support is a buy signal. In this case, support 197.63 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of HEI.A as it gets near 207.36 with a downside target of 197.63. We should have a stop loss in place at 207.96though. 207.36 is the first level of resistance above 203.15, and by rule, any test of resistance is a short signal. In this case, if resistance 207.36 is being tested, a short signal would exist.
If 206.02 begins to break higher, the technical summary data tells us to buy HEI.A just slightly over 206.02, with an upside target of 207.36. The data also tells us to set a stop loss @ 205.43 in case the stock turns against the trade. 206.02 is the first level of resistance above 203.15, and by rule, any break above resistance is a buy signal. In this case, 206.02, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of HEI.A if it tests 206.02 with a downside target of 201.4. We should have a stop loss in place at 206.61 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 206.02, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
If 203.5 begins to break higher, the technical summary data tells us to buy HEI.A just slightly over 203.5, with an upside target of 206.02. The data also tells us to set a stop loss @ 203.03 in case the stock turns against the trade. 203.5 is the first level of resistance above 203.15, and by rule, any break above resistance is a buy signal. In this case, 203.5, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of HEI.A if it tests 203.5 with a downside target of 201.4. We should have a stop loss in place at 203.97 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 203.5, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
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This report was produced using AI developed by Stock Traders Daily. Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves. This methodology is also applied to Index options, ETFs, and futures. The objective of this specific report is to optimize trading in Heico Corporation (NASDAQ: HEI.A) while incorporating prudent risk controls.