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November 18, 2024, 00:50 am ET, BY Harold S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy EVSD near 50.1 with an upside target of 50.69. This data also tells us to set a stop loss @ 49.96 to protect against excessive loss in case the stock begins to move against the trade. 50.1 is the first level of support below 50.4822 , and by rule, any test of support is a buy signal. In this case, support 50.1 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of EVSD as it gets near 50.69 with a downside target of 50.1. We should have a stop loss in place at 50.84though. 50.69 is the first level of resistance above 50.4822, and by rule, any test of resistance is a short signal. In this case, if resistance 50.69 is being tested, a short signal would exist.
If n/a begins to break higher, the technical summary data tells us to buy EVSD just slightly over n/a, with an upside target of n/a. The data also tells us to set a stop loss @ 0 in case the stock turns against the trade. n/a is the first level of resistance above 50.4822, and by rule, any break above resistance is a buy signal. In this case, n/a, 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 EVSD if it tests n/a with a downside target of 50.1. We should have a stop loss in place at 0 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, n/a, 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 50.69 begins to break higher, the technical summary data tells us to buy EVSD just slightly over 50.69, with an upside target of n/a. The data also tells us to set a stop loss @ 50.57 in case the stock turns against the trade. 50.69 is the first level of resistance above 50.4822, and by rule, any break above resistance is a buy signal. In this case, 50.69, 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 EVSD if it tests 50.69 with a downside target of 50.1. We should have a stop loss in place at 50.81 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, 50.69, 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 report provides trading strategies for Eaton Vance Short Duration Income Etf (NASDAQ: EVSD) while incorporating risk controls.