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December 22, 2024, 21:20 pm ET, BY Barry C.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy SSO near 89.99 with an upside target of 95.67. This data also tells us to set a stop loss @ 89.73 to protect against excessive loss in case the stock begins to move against the trade. 89.99 is the first level of support below 94.53 , and by rule, any test of support is a buy signal. In this case, support 89.99 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of SSO as it gets near 95.67 with a downside target of 89.99. We should have a stop loss in place at 95.95though. 95.67 is the first level of resistance above 94.53, and by rule, any test of resistance is a short signal. In this case, if resistance 95.67 is being tested, so a short signal would exist.
If 95.67 begins to break higher, the technical summary data tells us to buy SSO just slightly over 95.67, with an upside target of 97.19. The data also tells us to set a stop loss @ 95.39 in case the stock turns against the trade. 95.67 is the first level of resistance above 94.53, and by rule, any break above resistance is a buy signal. In this case, 95.67, 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 SSO if it tests 95.67 with a downside target of 93.76. We should have a stop loss in place at 95.95 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, 95.67, 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 94.77 begins to break higher, the technical summary data tells us to buy SSO just slightly over 94.77, with an upside target of 95.67. The data also tells us to set a stop loss @ 94.55 in case the stock turns against the trade. 94.77 is the first level of resistance above 94.53, and by rule, any break above resistance is a buy signal. In this case, 94.77, 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 SSO if it tests 94.77 with a downside target of 93.76. We should have a stop loss in place at 94.99 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, 94.77, 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 Proshares Ultra S&p500 2x Shares (NYSE: SSO) trading report incorporates analysis also used by some of the biggest funds in the world. Review the technical takeaways closely.