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September 19, 2024, 04:10 am ET, BY James G.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy EVAV near 16.01, but there is no current upside target from the summary table. In this case we should wait until either an update to the summary table has been made (which usually happens at the beginning of every trading day), or until the position has been stopped. The data does tell us to set a stop loss 15.96 to protect against excessive loss in case the stock begins to move against the trade. 16.01 is the first level of support below 16.5897, and by rule, any test of support is a buy signal. In this case, if support 16.01 is being tested, a buy signal would exist.
NONE .
There are no current resistance levels from the summary table, and therefore there are no Short resistance Plans which tell us to short upon tests of resistance. Resistance levels have broken higher and unless the stock reverses lower and below support levels again short positions look risky.
If 16.66 begins to break higher, the technical summary data tells us to buy EVAV just slightly over 16.66, with an upside target of 17.94. The data also tells us to set a stop loss @ 16.61 in case the stock turns against the trade. 16.66 is the first level of resistance above 16.5897, and by rule, any break above resistance is a buy signal. In this case, 16.66, 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 EVAV if it tests 16.66 with a downside target of 16.01. We should have a stop loss in place at 16.71 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, 16.66, 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 16.66 begins to break higher, the technical summary data tells us to buy EVAV just slightly over 16.66, with an upside target of 17.2. The data also tells us to set a stop loss @ 16.62 in case the stock turns against the trade. 16.66 is the first level of resistance above 16.5897, and by rule, any break above resistance is a buy signal. In this case, 16.66, 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 EVAV if it tests 16.66 with a downside target of 16.01. We should have a stop loss in place at 16.7 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, 16.66, 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.
Check the time stamp on this data. Updated AI-Generated Signals for Direxion Daily Electric And Autonomous Vehicles Bull 2x Shares (EVAV) available here: EVAV.
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