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November 05, 2024, 04:34 am ET, BY THOMAS KEE- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy WANT near 36.41 with an upside target of 41.02. This data also tells us to set a stop loss @ 36.3 to protect against excessive loss in case the stock begins to move against the trade. 36.41 is the first level of support below 39.62 , and by rule, any test of support is a buy signal. In this case, support 36.41 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of WANT as it gets near 41.02 with a downside target of 36.41. We should have a stop loss in place at 41.14though. 41.02 is the first level of resistance above 39.62, and by rule, any test of resistance is a short signal. In this case, if resistance 41.02 is being tested, a short signal would exist.
If 41.02 begins to break higher, the technical summary data tells us to buy WANT just slightly over 41.02, with an upside target of 41.59. The data also tells us to set a stop loss @ 40.9 in case the stock turns against the trade. 41.02 is the first level of resistance above 39.62, and by rule, any break above resistance is a buy signal. In this case, 41.02, 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 WANT if it tests 41.02 with a downside target of 39.04. We should have a stop loss in place at 41.14 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, 41.02, 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 40.51 begins to break higher, the technical summary data tells us to buy WANT just slightly over 40.51, with an upside target of 41.02. The data also tells us to set a stop loss @ 40.42 in case the stock turns against the trade. 40.51 is the first level of resistance above 39.62, and by rule, any break above resistance is a buy signal. In this case, 40.51, 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 WANT if it tests 40.51 with a downside target of 39.04. We should have a stop loss in place at 40.6 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, 40.51, 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 Direxion Daily Consumer Discretionary Bull 3x Shares (NASDAQ: WANT) 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.