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November 03, 2024, 10:20 am ET, BY Rick O.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy ONLN near 41.7 with an upside target of 44.33. This data also tells us to set a stop loss @ 41.58 to protect against excessive loss in case the stock begins to move against the trade. 41.7 is the first level of support below 43.7951 , and by rule, any test of support is a buy signal. In this case, support 41.7 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of ONLN as it gets near 44.33 with a downside target of 41.7. We should have a stop loss in place at 44.46though. 44.33 is the first level of resistance above 43.7951, and by rule, any test of resistance is a short signal. In this case, if resistance 44.33 is being tested, so a short signal would exist.
If 43.94 begins to break higher, the technical summary data tells us to buy ONLN just slightly over 43.94, with an upside target of 44.33. The data also tells us to set a stop loss @ 43.81 in case the stock turns against the trade. 43.94 is the first level of resistance above 43.7951, and by rule, any break above resistance is a buy signal. In this case, 43.94, 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 ONLN if it tests 43.94 with a downside target of 43.04. We should have a stop loss in place at 44.07 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, 43.94, 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 43.96 begins to break higher, the technical summary data tells us to buy ONLN just slightly over 43.96, with an upside target of 44.33. The data also tells us to set a stop loss @ 43.86 in case the stock turns against the trade. 43.96 is the first level of resistance above 43.7951, and by rule, any break above resistance is a buy signal. In this case, 43.96, 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 ONLN if it tests 43.96 with a downside target of 43.41. We should have a stop loss in place at 44.06 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, 43.96, 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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The technical pivots for Proshares Online Retail Etf (NASDAQ: ONLN) help you determine how to trade, when to buy, when to sell, and how to control risk.