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November 02, 2024, 20:14 pm ET, BY Quentin W.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy LOB near 36.55 with an upside target of 42.39. This data also tells us to set a stop loss @ 36.44 to protect against excessive loss in case the stock begins to move against the trade. 36.55 is the first level of support below 41.06 , and by rule, any test of support is a buy signal. In this case, support 36.55 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of LOB as it gets near 42.39 with a downside target of 36.55. We should have a stop loss in place at 42.51though. 42.39 is the first level of resistance above 41.06, and by rule, any test of resistance is a short signal. In this case, if resistance 42.39 is being tested, so a short signal would exist.
If 42.39 begins to break higher, the technical summary data tells us to buy LOB just slightly over 42.39, with an upside target of 48.69. The data also tells us to set a stop loss @ 42.27 in case the stock turns against the trade. 42.39 is the first level of resistance above 41.06, and by rule, any break above resistance is a buy signal. In this case, 42.39, 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 LOB if it tests 42.39 with a downside target of 39.53. We should have a stop loss in place at 42.51 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, 42.39, 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 42.39 begins to break higher, the technical summary data tells us to buy LOB just slightly over 42.39, with an upside target of 48.69. The data also tells us to set a stop loss @ 42.29 in case the stock turns against the trade. 42.39 is the first level of resistance above 41.06, and by rule, any break above resistance is a buy signal. In this case, 42.39, 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 LOB if it tests 42.39 with a downside target of 41.04. We should have a stop loss in place at 42.49 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, 42.39, 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 report provides trading strategies for Live Oak Bancshares Inc. (NYSE: LOB) while incorporating risk controls.