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November 04, 2024, 07:12 am ET, BY Billy- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy SIXJ near 29.04 with an upside target of 29.61. This data also tells us to set a stop loss @ 28.96 to protect against excessive loss in case the stock begins to move against the trade. 29.04 is the first level of support below 29.458 , and by rule, any test of support is a buy signal. In this case, support 29.04 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of SIXJ as it gets near 29.61 with a downside target of 29.04. We should have a stop loss in place at 29.7though. 29.61 is the first level of resistance above 29.458, and by rule, any test of resistance is a short signal. In this case, if resistance 29.61 is being tested, so a short signal would exist.
If 29.61 begins to break higher, the technical summary data tells us to buy SIXJ just slightly over 29.61, with an upside target of n/a. The data also tells us to set a stop loss @ 29.52 in case the stock turns against the trade. 29.61 is the first level of resistance above 29.458, and by rule, any break above resistance is a buy signal. In this case, 29.61, 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 SIXJ if it tests 29.61 with a downside target of 29.04. We should have a stop loss in place at 29.7 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, 29.61, 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 29.61 begins to break higher, the technical summary data tells us to buy SIXJ just slightly over 29.61, with an upside target of 30.21. The data also tells us to set a stop loss @ 29.54 in case the stock turns against the trade. 29.61 is the first level of resistance above 29.458, and by rule, any break above resistance is a buy signal. In this case, 29.61, 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 SIXJ if it tests 29.61 with a downside target of 29.04. We should have a stop loss in place at 29.68 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, 29.61, 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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Don't over think it! Trading Allianzim U.s. Large Cap 6 Month Buffer10 Jan/jul Etf (NASDAQ: SIXJ) or any other stock can be rewarding if the simple rules of technical analysis are observed before making any decisions. This should be an integral part of the investment process.