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November 08, 2024, 07:20 am ET, BY Tyler- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy DIT near 110.06 with an upside target of 129.37. This data also tells us to set a stop loss @ 109.74 to protect against excessive loss in case the stock begins to move against the trade. 110.06 is the first level of support below 124.83 , and by rule, any test of support is a buy signal. In this case, support 110.06 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of DIT as it gets near 129.37 with a downside target of 110.06. We should have a stop loss in place at 129.74though. 129.37 is the first level of resistance above 124.83, and by rule, any test of resistance is a short signal. In this case, if resistance 129.37 is being tested, so a short signal would exist.
If 129.37 begins to break higher, the technical summary data tells us to buy DIT just slightly over 129.37, with an upside target of 133.52. The data also tells us to set a stop loss @ 129 in case the stock turns against the trade. 129.37 is the first level of resistance above 124.83, and by rule, any break above resistance is a buy signal. In this case, 129.37, 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 DIT if it tests 129.37 with a downside target of 123.99. We should have a stop loss in place at 129.74 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, 129.37, 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 129.37 begins to break higher, the technical summary data tells us to buy DIT just slightly over 129.37, with an upside target of 131.04. The data also tells us to set a stop loss @ 129.07 in case the stock turns against the trade. 129.37 is the first level of resistance above 124.83, and by rule, any break above resistance is a buy signal. In this case, 129.37, 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 DIT if it tests 129.37 with a downside target of 123.99. We should have a stop loss in place at 129.67 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, 129.37, 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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Trading Amcon Distributing Company (NYSE: DIT) can be efficient and rewarding, especially in volatile markets, so long as the important pivot points for the stock are observed before making decisions to buy, sell, or short.