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December 24, 2024, 19:20 pm ET, BY Harold S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy FBNC near 44.88 with an upside target of 50.03. This data also tells us to set a stop loss @ 44.75 to protect against excessive loss in case the stock begins to move against the trade. 44.88 is the first level of support below 44.92 , and by rule, any test of support is a buy signal. In this case, support 44.88 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of FBNC as it gets near 50.03 with a downside target of 44.88. We should have a stop loss in place at 50.17though. 50.03 is the first level of resistance above 44.92, and by rule, any test of resistance is a short signal. In this case, if resistance 50.03 is being tested, a short signal would exist.
If 45.54 begins to break higher, the technical summary data tells us to buy FBNC just slightly over 45.54, with an upside target of 50.03. The data also tells us to set a stop loss @ 45.41 in case the stock turns against the trade. 45.54 is the first level of resistance above 44.92, and by rule, any break above resistance is a buy signal. In this case, 45.54, 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 FBNC if it tests 45.54 with a downside target of 44.88. We should have a stop loss in place at 45.67 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, 45.54, 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 45.54 begins to break higher, the technical summary data tells us to buy FBNC just slightly over 45.54, with an upside target of 50.03. The data also tells us to set a stop loss @ 45.43 in case the stock turns against the trade. 45.54 is the first level of resistance above 44.92, and by rule, any break above resistance is a buy signal. In this case, 45.54, 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 FBNC if it tests 45.54 with a downside target of 44.88. We should have a stop loss in place at 45.65 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, 45.54, 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 First Bancorp (NASDAQ: FBNC) trading report incorporates analysis also used by some of the biggest funds in the world. Review the technical takeaways closely.