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November 05, 2024, 04:48 am ET, BY Chris- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy WCC near 170.73 with an upside target of 188.41. This data also tells us to set a stop loss @ 170.24 to protect against excessive loss in case the stock begins to move against the trade. 170.73 is the first level of support below 184.61 , and by rule, any test of support is a buy signal. In this case, support 170.73 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of WCC as it gets near 188.41 with a downside target of 170.73. We should have a stop loss in place at 188.95though. 188.41 is the first level of resistance above 184.61, and by rule, any test of resistance is a short signal. In this case, if resistance 188.41 is being tested, a short signal would exist.
If 188.41 begins to break higher, the technical summary data tells us to buy WCC just slightly over 188.41, with an upside target of 193.14. The data also tells us to set a stop loss @ 187.87 in case the stock turns against the trade. 188.41 is the first level of resistance above 184.61, and by rule, any break above resistance is a buy signal. In this case, 188.41, 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 WCC if it tests 188.41 with a downside target of 182.88. We should have a stop loss in place at 188.95 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, 188.41, 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 187.99 begins to break higher, the technical summary data tells us to buy WCC just slightly over 187.99, with an upside target of 188.41. The data also tells us to set a stop loss @ 187.55 in case the stock turns against the trade. 187.99 is the first level of resistance above 184.61, and by rule, any break above resistance is a buy signal. In this case, 187.99, 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 WCC if it tests 187.99 with a downside target of 182.88. We should have a stop loss in place at 188.43 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, 187.99, 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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With an objective approach to Wesco International Inc. (NYSE: WCC), Stock Traders Daily attempts to go with the flow of the market by utilizing a combination of market analysis and stock analysis.