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December 15, 2024, 01:46 am ET, BY Harold S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy IBCP near 35.75 with an upside target of 39.66. This data also tells us to set a stop loss @ 35.65 to protect against excessive loss in case the stock begins to move against the trade. 35.75 is the first level of support below 37.97 , and by rule, any test of support is a buy signal. In this case, support 35.75 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of IBCP as it gets near 39.66 with a downside target of 35.75. We should have a stop loss in place at 39.77though. 39.66 is the first level of resistance above 37.97, and by rule, any test of resistance is a short signal. In this case, if resistance 39.66 is being tested, a short signal would exist.
If 38.26 begins to break higher, the technical summary data tells us to buy IBCP just slightly over 38.26, with an upside target of 39.66. The data also tells us to set a stop loss @ 38.15 in case the stock turns against the trade. 38.26 is the first level of resistance above 37.97, and by rule, any break above resistance is a buy signal. In this case, 38.26, 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 IBCP if it tests 38.26 with a downside target of 37.33. We should have a stop loss in place at 38.37 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, 38.26, 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 38.03 begins to break higher, the technical summary data tells us to buy IBCP just slightly over 38.03, with an upside target of 38.26. The data also tells us to set a stop loss @ 37.94 in case the stock turns against the trade. 38.03 is the first level of resistance above 37.97, and by rule, any break above resistance is a buy signal. In this case, 38.03, 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 IBCP if it tests 38.03 with a downside target of 37.33. We should have a stop loss in place at 38.12 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, 38.03, 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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This Independent Bank Corporation (NASDAQ: IBCP) report was produced by Stock Traders Daily. Over the past 20 years our metholdology has been refined to help identify strategies for both individual stocks and the stock markets, with prudent risk controls.