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November 11, 2024, 19:14 pm ET, BY Tyler- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy DRIV near 23 with an upside target of 24.36. This data also tells us to set a stop loss @ 22.93 to protect against excessive loss in case the stock begins to move against the trade. 23 is the first level of support below 23.94 , and by rule, any test of support is a buy signal. In this case, support 23 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of DRIV as it gets near 24.36 with a downside target of 23. We should have a stop loss in place at 24.43though. 24.36 is the first level of resistance above 23.94, and by rule, any test of resistance is a short signal. In this case, if resistance 24.36 is being tested, a short signal would exist.
If 24.36 begins to break higher, the technical summary data tells us to buy DRIV just slightly over 24.36, with an upside target of n/a. The data also tells us to set a stop loss @ 24.29 in case the stock turns against the trade. 24.36 is the first level of resistance above 23.94, and by rule, any break above resistance is a buy signal. In this case, 24.36, 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 DRIV if it tests 24.36 with a downside target of 23.79. We should have a stop loss in place at 24.43 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, 24.36, 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 24.36 begins to break higher, the technical summary data tells us to buy DRIV just slightly over 24.36, with an upside target of n/a. The data also tells us to set a stop loss @ 24.3 in case the stock turns against the trade. 24.36 is the first level of resistance above 23.94, and by rule, any break above resistance is a buy signal. In this case, 24.36, 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 DRIV if it tests 24.36 with a downside target of 23.79. We should have a stop loss in place at 24.42 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, 24.36, 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 Global X Autonomous & Electric Vehicles Etf (NASDAQ: DRIV) trading report incorporates analysis also used by some of the biggest funds in the world. Review the technical takeaways closely.