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October 04, 2024, 17:04 pm ET, BY Chris- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy SMMD near 67.21 with an upside target of 70.36. This data also tells us to set a stop loss @ 67.02 to protect against excessive loss in case the stock begins to move against the trade. 67.21 is the first level of support below 67.52 , and by rule, any test of support is a buy signal. In this case, support 67.21 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of SMMD as it gets near 70.36 with a downside target of 67.21. We should have a stop loss in place at 70.56though. 70.36 is the first level of resistance above 67.52, and by rule, any test of resistance is a short signal. In this case, if resistance 70.36 is being tested, a short signal would exist.
If 67.57 begins to break higher, the technical summary data tells us to buy SMMD just slightly over 67.57, with an upside target of 70.36. The data also tells us to set a stop loss @ 67.37 in case the stock turns against the trade. 67.57 is the first level of resistance above 67.52, and by rule, any break above resistance is a buy signal. In this case, 67.57, 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 SMMD if it tests 67.57 with a downside target of 67.21. We should have a stop loss in place at 67.77 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, 67.57, 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 67.57 begins to break higher, the technical summary data tells us to buy SMMD just slightly over 67.57, with an upside target of 70.36. The data also tells us to set a stop loss @ 67.41 in case the stock turns against the trade. 67.57 is the first level of resistance above 67.52, and by rule, any break above resistance is a buy signal. In this case, 67.57, 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 SMMD if it tests 67.57 with a downside target of 67.21. We should have a stop loss in place at 67.73 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, 67.57, 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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