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November 05, 2024, 04:36 am ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy WASH near 30.97 with an upside target of 34.74. This data also tells us to set a stop loss @ 30.88 to protect against excessive loss in case the stock begins to move against the trade. 30.97 is the first level of support below 33.83 , and by rule, any test of support is a buy signal. In this case, support 30.97 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of WASH as it gets near 34.74 with a downside target of 30.97. We should have a stop loss in place at 34.84though. 34.74 is the first level of resistance above 33.83, and by rule, any test of resistance is a short signal. In this case, if resistance 34.74 is being tested, a short signal would exist.
If 34.07 begins to break higher, the technical summary data tells us to buy WASH just slightly over 34.07, with an upside target of 34.74. The data also tells us to set a stop loss @ 33.97 in case the stock turns against the trade. 34.07 is the first level of resistance above 33.83, and by rule, any break above resistance is a buy signal. In this case, 34.07, 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 WASH if it tests 34.07 with a downside target of 30.97. We should have a stop loss in place at 34.17 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, 34.07, 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 34.07 begins to break higher, the technical summary data tells us to buy WASH just slightly over 34.07, with an upside target of 34.74. The data also tells us to set a stop loss @ 33.99 in case the stock turns against the trade. 34.07 is the first level of resistance above 33.83, and by rule, any break above resistance is a buy signal. In this case, 34.07, 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 WASH if it tests 34.07 with a downside target of 33.37. We should have a stop loss in place at 34.15 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, 34.07, 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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Trading Washington Trust Bancorp Inc. (NASDAQ: WASH) can be efficient and rewarding, especially in volatile markets, so long as the important pivot points for the stock are observed before making decisions to buy, sell, or short.