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November 01, 2024, 23:32 pm ET, BY Billy- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy GTEK near 30.58 with an upside target of 32.21. This data also tells us to set a stop loss @ 30.49 to protect against excessive loss in case the stock begins to move against the trade. 30.58 is the first level of support below 31.2154 , and by rule, any test of support is a buy signal. In this case, support 30.58 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of GTEK as it gets near 32.21 with a downside target of 30.58. We should have a stop loss in place at 32.3though. 32.21 is the first level of resistance above 31.2154, and by rule, any test of resistance is a short signal. In this case, if resistance 32.21 is being tested, a short signal would exist.
If 31.59 begins to break higher, the technical summary data tells us to buy GTEK just slightly over 31.59, with an upside target of 32.21. The data also tells us to set a stop loss @ 31.5 in case the stock turns against the trade. 31.59 is the first level of resistance above 31.2154, and by rule, any break above resistance is a buy signal. In this case, 31.59, 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 GTEK if it tests 31.59 with a downside target of 31.04. We should have a stop loss in place at 31.68 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, 31.59, 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 31.59 begins to break higher, the technical summary data tells us to buy GTEK just slightly over 31.59, with an upside target of 32.21. The data also tells us to set a stop loss @ 31.52 in case the stock turns against the trade. 31.59 is the first level of resistance above 31.2154, and by rule, any break above resistance is a buy signal. In this case, 31.59, 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 GTEK if it tests 31.59 with a downside target of 31.04. We should have a stop loss in place at 31.66 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, 31.59, 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 Goldman Sachs Future Tech Leaders Equity Etf (NASDAQ: GTEK) while incorporating risk controls.