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November 01, 2024, 17:26 pm ET, BY Randall S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy FTSL near 45.92 with an upside target of 46.24. This data also tells us to set a stop loss @ 45.79 to protect against excessive loss in case the stock begins to move against the trade. 45.92 is the first level of support below 45.98 , and by rule, any test of support is a buy signal. In this case, support 45.92 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of FTSL as it gets near 46.24 with a downside target of 45.92. We should have a stop loss in place at 46.37though. 46.24 is the first level of resistance above 45.98, and by rule, any test of resistance is a short signal. In this case, if resistance 46.24 is being tested, a short signal would exist.
If 46.03 begins to break higher, the technical summary data tells us to buy FTSL just slightly over 46.03, with an upside target of n/a. The data also tells us to set a stop loss @ 45.9 in case the stock turns against the trade. 46.03 is the first level of resistance above 45.98, and by rule, any break above resistance is a buy signal. In this case, 46.03, 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 FTSL if it tests 46.03 with a downside target of 45.59. We should have a stop loss in place at 46.16 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, 46.03, 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 46.03 begins to break higher, the technical summary data tells us to buy FTSL just slightly over 46.03, with an upside target of 46.24. The data also tells us to set a stop loss @ 45.92 in case the stock turns against the trade. 46.03 is the first level of resistance above 45.98, and by rule, any break above resistance is a buy signal. In this case, 46.03, 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 FTSL if it tests 46.03 with a downside target of 45.59. We should have a stop loss in place at 46.14 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, 46.03, 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 First Trust Senior Loan Fund (NASDAQ: FTSL), Stock Traders Daily attempts to go with the flow of the market by utilizing a combination of market analysis and stock analysis.