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October 13, 2024, 14:12 pm ET, BY THOMAS KEE- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy RYAN near 70.76, but there is no current upside target from the summary table. In this case we should wait until either an update to the summary table has been made (which usually happens at the beginning of every trading day), or until the position has been stopped. The data does tell us to set a stop loss 70.56 to protect against excessive loss in case the stock begins to move against the trade. 70.76 is the first level of support below 71.76, and by rule, any test of support is a buy signal. In this case, if support 70.76 is being tested, a buy signal would exist.
NONE .
There are no current resistance levels from the summary table, and therefore there are no Short resistance Plans which tell us to short upon tests of resistance. Resistance levels have broken higher and unless the stock reverses lower and below support levels again short positions look risky.
If 73.78 begins to break higher, the technical summary data tells us to buy RYAN just slightly over 73.78, with an upside target of n/a. The data also tells us to set a stop loss @ 73.57 in case the stock turns against the trade. 73.78 is the first level of resistance above 71.76, and by rule, any break above resistance is a buy signal. In this case, 73.78, 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 RYAN if it tests 73.78 with a downside target of 71.35. We should have a stop loss in place at 73.99 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, 73.78, 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 72.46 begins to break higher, the technical summary data tells us to buy RYAN just slightly over 72.46, with an upside target of 73.78. The data also tells us to set a stop loss @ 72.29 in case the stock turns against the trade. 72.46 is the first level of resistance above 71.76, and by rule, any break above resistance is a buy signal. In this case, 72.46, 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 RYAN if it tests 72.46 with a downside target of 71.35. We should have a stop loss in place at 72.63 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, 72.46, 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 Ryan Specialty Holdings Inc. Class A (NASDAQ: RYAN) 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.