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September 27, 2024, 19:40 pm ET, BY Bill T.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy PCEF near 19.29 with an upside target of 19.72. This data also tells us to set a stop loss @ 19.23 to protect against excessive loss in case the stock begins to move against the trade. 19.29 is the first level of support below 19.6 , and by rule, any test of support is a buy signal. In this case, support 19.29 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of PCEF as it gets near 19.72 with a downside target of 19.29. We should have a stop loss in place at 19.78though. 19.72 is the first level of resistance above 19.6, and by rule, any test of resistance is a short signal. In this case, if resistance 19.72 is being tested, a short signal would exist.
If n/a begins to break higher, the technical summary data tells us to buy PCEF just slightly over n/a, with an upside target of n/a. The data also tells us to set a stop loss @ 0 in case the stock turns against the trade. n/a is the first level of resistance above 19.6, and by rule, any break above resistance is a buy signal. In this case, n/a, 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 PCEF if it tests n/a with a downside target of 19.29. We should have a stop loss in place at 0 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, n/a, 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 19.72 begins to break higher, the technical summary data tells us to buy PCEF just slightly over 19.72, with an upside target of n/a. The data also tells us to set a stop loss @ 19.67 in case the stock turns against the trade. 19.72 is the first level of resistance above 19.6, and by rule, any break above resistance is a buy signal. In this case, 19.72, 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 PCEF if it tests 19.72 with a downside target of 19.29. We should have a stop loss in place at 19.77 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, 19.72, 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 Invesco Cef Income Composite Etf (NASDAQ: PCEF) too. These define prudent trading plans.