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December 20, 2024, 01:02 am ET, BY Patrick- Contributor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy GQI near 54.55 with an upside target of 56.04. This data also tells us to set a stop loss @ 54.39 to protect against excessive loss in case the stock begins to move against the trade. 54.55 is the first level of support below 54.74 , and by rule, any test of support is a buy signal. In this case, support 54.55 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of GQI as it gets near 56.04 with a downside target of 54.55. We should have a stop loss in place at 56.2though. 56.04 is the first level of resistance above 54.74, and by rule, any test of resistance is a short signal. In this case, if resistance 56.04 is being tested, a short signal would exist.
If 55.32 begins to break higher, the technical summary data tells us to buy GQI just slightly over 55.32, with an upside target of 56.06. The data also tells us to set a stop loss @ 55.16 in case the stock turns against the trade. 55.32 is the first level of resistance above 54.74, and by rule, any break above resistance is a buy signal. In this case, 55.32, 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 GQI if it tests 55.32 with a downside target of 54.55. We should have a stop loss in place at 55.48 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, 55.32, 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 54.87 begins to break higher, the technical summary data tells us to buy GQI just slightly over 54.87, with an upside target of 55.49. The data also tells us to set a stop loss @ 54.74 in case the stock turns against the trade. 54.87 is the first level of resistance above 54.74, and by rule, any break above resistance is a buy signal. In this case, 54.87, 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 GQI if it tests 54.87 with a downside target of 54.55. We should have a stop loss in place at 55 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, 54.87, 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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