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September 22, 2024, 00:44 am ET, BY Thomas Y.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy RRX near 163.56 with an upside target of 184.96. This data also tells us to set a stop loss @ 163.09 to protect against excessive loss in case the stock begins to move against the trade. 163.56 is the first level of support below 169.67 , and by rule, any test of support is a buy signal. In this case, support 163.56 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of RRX as it gets near 184.96 with a downside target of 163.56. We should have a stop loss in place at 185.49though. 184.96 is the first level of resistance above 169.67, and by rule, any test of resistance is a short signal. In this case, if resistance 184.96 is being tested, a short signal would exist.
If 175.23 begins to break higher, the technical summary data tells us to buy RRX just slightly over 175.23, with an upside target of 184.96. The data also tells us to set a stop loss @ 174.72 in case the stock turns against the trade. 175.23 is the first level of resistance above 169.67, and by rule, any break above resistance is a buy signal. In this case, 175.23, 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 RRX if it tests 175.23 with a downside target of 164.5. We should have a stop loss in place at 175.74 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, 175.23, 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 172.48 begins to break higher, the technical summary data tells us to buy RRX just slightly over 172.48, with an upside target of 175.23. The data also tells us to set a stop loss @ 172.08 in case the stock turns against the trade. 172.48 is the first level of resistance above 169.67, and by rule, any break above resistance is a buy signal. In this case, 172.48, 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 RRX if it tests 172.48 with a downside target of 164.5. We should have a stop loss in place at 172.88 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, 172.48, 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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