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November 18, 2024, 00:40 am ET, BY Rick W.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy ETHO near 59.88 with an upside target of 62.22. This data also tells us to set a stop loss @ 59.71 to protect against excessive loss in case the stock begins to move against the trade. 59.88 is the first level of support below 61.1531 , and by rule, any test of support is a buy signal. In this case, support 59.88 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of ETHO as it gets near 62.22 with a downside target of 59.88. We should have a stop loss in place at 62.4though. 62.22 is the first level of resistance above 61.1531, and by rule, any test of resistance is a short signal. In this case, if resistance 62.22 is being tested, a short signal would exist.
If 62.28 begins to break higher, the technical summary data tells us to buy ETHO just slightly over 62.28, with an upside target of 64.6. The data also tells us to set a stop loss @ 62.1 in case the stock turns against the trade. 62.28 is the first level of resistance above 61.1531, and by rule, any break above resistance is a buy signal. In this case, 62.28, 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 ETHO if it tests 62.28 with a downside target of 59.88. We should have a stop loss in place at 62.46 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, 62.28, 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 61.64 begins to break higher, the technical summary data tells us to buy ETHO just slightly over 61.64, with an upside target of 62.28. The data also tells us to set a stop loss @ 61.5 in case the stock turns against the trade. 61.64 is the first level of resistance above 61.1531, and by rule, any break above resistance is a buy signal. In this case, 61.64, 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 ETHO if it tests 61.64 with a downside target of 60.94. We should have a stop loss in place at 61.78 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, 61.64, 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 Fa Etho Climate Leadership U.s. Etf (NASDAQ: ETHO) 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.