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September 21, 2024, 04:08 am ET, BY Joseph H.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy NMM near 55.36 with an upside target of 61.21. This data also tells us to set a stop loss @ 55.2 to protect against excessive loss in case the stock begins to move against the trade. 55.36 is the first level of support below 57.1 , and by rule, any test of support is a buy signal. In this case, support 55.36 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of NMM as it gets near 61.21 with a downside target of 55.36. We should have a stop loss in place at 61.39though. 61.21 is the first level of resistance above 57.1, and by rule, any test of resistance is a short signal. In this case, if resistance 61.21 is being tested, a short signal would exist.
If 58.74 begins to break higher, the technical summary data tells us to buy NMM just slightly over 58.74, with an upside target of 61.21. The data also tells us to set a stop loss @ 58.57 in case the stock turns against the trade. 58.74 is the first level of resistance above 57.1, and by rule, any break above resistance is a buy signal. In this case, 58.74, 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 NMM if it tests 58.74 with a downside target of 55.75. We should have a stop loss in place at 58.91 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, 58.74, 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 58.74 begins to break higher, the technical summary data tells us to buy NMM just slightly over 58.74, with an upside target of 61.21. The data also tells us to set a stop loss @ 58.6 in case the stock turns against the trade. 58.74 is the first level of resistance above 57.1, and by rule, any break above resistance is a buy signal. In this case, 58.74, 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 NMM if it tests 58.74 with a downside target of 56.95. We should have a stop loss in place at 58.88 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, 58.74, 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 Navios Maritime Partners Lp Representing Limited Partner Interests (NYSE: NMM) too. These define prudent trading plans.