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December 15, 2024, 06:56 am ET, BY Quentin W.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy IPO near 44.71 with an upside target of 47.25. This data also tells us to set a stop loss @ 44.58 to protect against excessive loss in case the stock begins to move against the trade. 44.71 is the first level of support below 46.29 , and by rule, any test of support is a buy signal. In this case, support 44.71 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of IPO as it gets near 47.25 with a downside target of 44.71. We should have a stop loss in place at 47.39though. 47.25 is the first level of resistance above 46.29, and by rule, any test of resistance is a short signal. In this case, if resistance 47.25 is being tested, a short signal would exist.
If 46.94 begins to break higher, the technical summary data tells us to buy IPO just slightly over 46.94, with an upside target of 47.25. The data also tells us to set a stop loss @ 46.8 in case the stock turns against the trade. 46.94 is the first level of resistance above 46.29, and by rule, any break above resistance is a buy signal. In this case, 46.94, 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 IPO if it tests 46.94 with a downside target of 45.99. We should have a stop loss in place at 47.08 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, 46.94, 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 46.3 begins to break higher, the technical summary data tells us to buy IPO just slightly over 46.3, with an upside target of 46.94. The data also tells us to set a stop loss @ 46.19 in case the stock turns against the trade. 46.3 is the first level of resistance above 46.29, and by rule, any break above resistance is a buy signal. In this case, 46.3, 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 IPO if it tests 46.3 with a downside target of 45.99. We should have a stop loss in place at 46.41 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, 46.3, 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 was produced using AI developed by Stock Traders Daily. Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves. This methodology is also applied to Index options, ETFs, and futures. The objective of this specific report is to optimize trading in Renaissance Ipo Etf (NYSE: IPO) while incorporating prudent risk controls.