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October 19, 2024, 01:48 am ET, BY Momei- Contributor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy ETSY near 46.88 with an upside target of 53.74. This data also tells us to set a stop loss @ 46.74 to protect against excessive loss in case the stock begins to move against the trade. 46.88 is the first level of support below 51.56 , and by rule, any test of support is a buy signal. In this case, support 46.88 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of ETSY as it gets near 53.74 with a downside target of 46.88. We should have a stop loss in place at 53.9though. 53.74 is the first level of resistance above 51.56, and by rule, any test of resistance is a short signal. In this case, if resistance 53.74 is being tested, so a short signal would exist.
If 51.75 begins to break higher, the technical summary data tells us to buy ETSY just slightly over 51.75, with an upside target of 53.74. The data also tells us to set a stop loss @ 51.6 in case the stock turns against the trade. 51.75 is the first level of resistance above 51.56, and by rule, any break above resistance is a buy signal. In this case, 51.75, 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 ETSY if it tests 51.75 with a downside target of 49.35. We should have a stop loss in place at 51.9 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, 51.75, 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 51.75 begins to break higher, the technical summary data tells us to buy ETSY just slightly over 51.75, with an upside target of 52.96. The data also tells us to set a stop loss @ 51.63 in case the stock turns against the trade. 51.75 is the first level of resistance above 51.56, and by rule, any break above resistance is a buy signal. In this case, 51.75, 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 ETSY if it tests 51.75 with a downside target of 50.92. We should have a stop loss in place at 51.87 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, 51.75, 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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