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December 20, 2024, 16:20 pm ET, BY William C.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy BBGI near 7.27 with an upside target of 9.28. This data also tells us to set a stop loss @ 7.25 to protect against excessive loss in case the stock begins to move against the trade. 7.27 is the first level of support below 9.2 , and by rule, any test of support is a buy signal. In this case, support 7.27 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of BBGI as it gets near 9.28 with a downside target of 7.27. We should have a stop loss in place at 9.31though. 9.28 is the first level of resistance above 9.2, and by rule, any test of resistance is a short signal. In this case, if resistance 9.28 is being tested, so a short signal would exist.
If 9.34 begins to break higher, the technical summary data tells us to buy BBGI just slightly over 9.34, with an upside target of 11.3. The data also tells us to set a stop loss @ 9.31 in case the stock turns against the trade. 9.34 is the first level of resistance above 9.2, and by rule, any break above resistance is a buy signal. In this case, 9.34, 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 BBGI if it tests 9.34 with a downside target of 8.74. We should have a stop loss in place at 9.37 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, 9.34, 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 9.34 begins to break higher, the technical summary data tells us to buy BBGI just slightly over 9.34, with an upside target of 11.3. The data also tells us to set a stop loss @ 9.32 in case the stock turns against the trade. 9.34 is the first level of resistance above 9.2, and by rule, any break above resistance is a buy signal. In this case, 9.34, 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 BBGI if it tests 9.34 with a downside target of 9.05. We should have a stop loss in place at 9.36 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, 9.34, 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 Beasley Broadcast Group Inc. (NASDAQ: BBGI) trading report incorporates analysis also used by some of the biggest funds in the world. Review the technical takeaways closely.