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December 21, 2024, 03:36 am ET, BY Scott B.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy FGF near 22.83 with an upside target of 30.22. This data also tells us to set a stop loss @ 22.76 to protect against excessive loss in case the stock begins to move against the trade. 22.83 is the first level of support below 23.1 , and by rule, any test of support is a buy signal. In this case, support 22.83 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of FGF as it gets near 30.22 with a downside target of 22.83. We should have a stop loss in place at 30.31though. 30.22 is the first level of resistance above 23.1, and by rule, any test of resistance is a short signal. In this case, if resistance 30.22 is being tested, a short signal would exist.
If 23.75 begins to break higher, the technical summary data tells us to buy FGF just slightly over 23.75, with an upside target of 30.22. The data also tells us to set a stop loss @ 23.68 in case the stock turns against the trade. 23.75 is the first level of resistance above 23.1, and by rule, any break above resistance is a buy signal. In this case, 23.75, 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 FGF if it tests 23.75 with a downside target of 22.83. We should have a stop loss in place at 23.82 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, 23.75, 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 23.75 begins to break higher, the technical summary data tells us to buy FGF just slightly over 23.75, with an upside target of 24.26. The data also tells us to set a stop loss @ 23.69 in case the stock turns against the trade. 23.75 is the first level of resistance above 23.1, and by rule, any break above resistance is a buy signal. In this case, 23.75, 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 FGF if it tests 23.75 with a downside target of 22.83. We should have a stop loss in place at 23.81 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, 23.75, 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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Prudent Investment Analysis requires observations of the support and resistance levels for Fg Financial Group Inc. (NYSE: FGF) too. These define prudent trading plans.