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November 02, 2024, 10:58 am ET, BY Allen K.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

The technical summary data tells us to buy IRMD near 47.67 with an upside target of 51.35. This data also tells us to set a stop loss @ 47.53 to protect against excessive loss in case the stock begins to move against the trade. 47.67 is the first level of support below 48.3 , and by rule, any test of support is a buy signal. In this case, support 47.67 is being tested, a buy signal would exist.

The technical summary data is suggesting a short of IRMD as it gets near 51.35 with a downside target of 47.67. We should have a stop loss in place at 51.5though. 51.35 is the first level of resistance above 48.3, and by rule, any test of resistance is a short signal. In this case, if resistance 51.35 is being tested, a short signal would exist.

If 49.78 begins to break higher, the technical summary data tells us to buy IRMD just slightly over 49.78, with an upside target of 51.35. The data also tells us to set a stop loss @ 49.64 in case the stock turns against the trade. 49.78 is the first level of resistance above 48.3, and by rule, any break above resistance is a buy signal. In this case, 49.78, 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 IRMD if it tests 49.78 with a downside target of 47.67. We should have a stop loss in place at 49.92 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, 49.78, 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 49.51 begins to break higher, the technical summary data tells us to buy IRMD just slightly over 49.51, with an upside target of 49.78. The data also tells us to set a stop loss @ 49.39 in case the stock turns against the trade. 49.51 is the first level of resistance above 48.3, and by rule, any break above resistance is a buy signal. In this case, 49.51, 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 IRMD if it tests 49.51 with a downside target of 47.67. We should have a stop loss in place at 49.63 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, 49.51, 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 is not EF Hutton, but it could be more #powerful. A picture speaks a thousand words, they say, and the #priceaction of Iradimed Corporation (NASDAQ: IRMD) tells an important story. The movement tells us where investors perceive value, or the lack of it, and if we pay attention we can capture opportunity. The data below for IRMD can be used as an example, and demonstrate how to do this for other stocks too. This data was current at the time of publication, but it is not updated in real time here. If you want real time updates, or data on a different stock, please get one here Unlimited Real Time Reports.