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September 21, 2024, 06:42 am ET, BY Tom S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy NVT near 67.75 with an upside target of 77.85. This data also tells us to set a stop loss @ 67.55 to protect against excessive loss in case the stock begins to move against the trade. 67.75 is the first level of support below 70.46 , and by rule, any test of support is a buy signal. In this case, support 67.75 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of NVT as it gets near 77.85 with a downside target of 67.75. We should have a stop loss in place at 78.07though. 77.85 is the first level of resistance above 70.46, and by rule, any test of resistance is a short signal. In this case, if resistance 77.85 is being tested, so a short signal would exist.
If 77.85 begins to break higher, the technical summary data tells us to buy NVT just slightly over 77.85, with an upside target of 88.35. The data also tells us to set a stop loss @ 77.63 in case the stock turns against the trade. 77.85 is the first level of resistance above 70.46, and by rule, any break above resistance is a buy signal. In this case, 77.85, 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 NVT if it tests 77.85 with a downside target of 69.83. We should have a stop loss in place at 78.07 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, 77.85, 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 77.85 begins to break higher, the technical summary data tells us to buy NVT just slightly over 77.85, with an upside target of 88.35. The data also tells us to set a stop loss @ 77.67 in case the stock turns against the trade. 77.85 is the first level of resistance above 70.46, and by rule, any break above resistance is a buy signal. In this case, 77.85, 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 NVT if it tests 77.85 with a downside target of 70.41. We should have a stop loss in place at 78.03 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, 77.85, 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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Technically, Nvent Electric Plc (NYSE: NVT) provides opportunities for traders who are watching the price of the stock oscillate over time.