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October 19, 2024, 22:50 pm ET, BY Joseph H.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy AMPY near 6.05 with an upside target of 6.91. This data also tells us to set a stop loss @ 6.03 to protect against excessive loss in case the stock begins to move against the trade. 6.05 is the first level of support below 6.55 , and by rule, any test of support is a buy signal. In this case, support 6.05 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of AMPY as it gets near 6.91 with a downside target of 6.05. We should have a stop loss in place at 6.93though. 6.91 is the first level of resistance above 6.55, and by rule, any test of resistance is a short signal. In this case, if resistance 6.91 is being tested, so a short signal would exist.
If 6.92 begins to break higher, the technical summary data tells us to buy AMPY just slightly over 6.92, with an upside target of 7.7. The data also tells us to set a stop loss @ 6.9 in case the stock turns against the trade. 6.92 is the first level of resistance above 6.55, and by rule, any break above resistance is a buy signal. In this case, 6.92, 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 AMPY if it tests 6.92 with a downside target of 6.52. We should have a stop loss in place at 6.94 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, 6.92, 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 6.56 begins to break higher, the technical summary data tells us to buy AMPY just slightly over 6.56, with an upside target of 6.92. The data also tells us to set a stop loss @ 6.54 in case the stock turns against the trade. 6.56 is the first level of resistance above 6.55, and by rule, any break above resistance is a buy signal. In this case, 6.56, 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 AMPY if it tests 6.56 with a downside target of 6.05. We should have a stop loss in place at 6.58 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, 6.56, 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 Amplify Energy Corp. (NASDAQ: AMPY) help you determine how to trade, when to buy, when to sell, and how to control risk.