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June 30, 2024, 15:06 pm ET, BY Joseph H.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy CNXN near 64.1 with an upside target of 69.46. This data also tells us to set a stop loss @ 63.91 to protect against excessive loss in case the stock begins to move against the trade. 64.1 is the first level of support below 64.2 , and by rule, any test of support is a buy signal. In this case, support 64.1 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of CNXN as it gets near 69.46 with a downside target of 64.1. We should have a stop loss in place at 69.66though. 69.46 is the first level of resistance above 64.2, and by rule, any test of resistance is a short signal. In this case, if resistance 69.46 is being tested, so a short signal would exist.
If 64.7 begins to break higher, the technical summary data tells us to buy CNXN just slightly over 64.7, with an upside target of 69.46. The data also tells us to set a stop loss @ 64.51 in case the stock turns against the trade. 64.7 is the first level of resistance above 64.2, and by rule, any break above resistance is a buy signal. In this case, 64.7, 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 CNXN if it tests 64.7 with a downside target of 64.1. We should have a stop loss in place at 64.89 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, 64.7, 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 64.32 begins to break higher, the technical summary data tells us to buy CNXN just slightly over 64.32, with an upside target of 64.7. The data also tells us to set a stop loss @ 64.17 in case the stock turns against the trade. 64.32 is the first level of resistance above 64.2, and by rule, any break above resistance is a buy signal. In this case, 64.32, 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 CNXN if it tests 64.32 with a downside target of 64.1. We should have a stop loss in place at 64.47 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, 64.32, 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.
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Our job as #investors is to pay attention to the #stocks we own. Part of that involves looking at the #fundamentals, but half of the disclosure comes from looking at price action. The Pc Connection Inc. (NASDAQ: CNXN) data table below can help you with price action, and we have more details too. Trading plans for CNXN are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.