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December 08, 2024, 07:00 am ET, BY Jake B.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy HACK near 73.91, 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 73.7 to protect against excessive loss in case the stock begins to move against the trade. 73.91 is the first level of support below 76.45, and by rule, any test of support is a buy signal. In this case, if support 73.91 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 76.92 begins to break higher, the technical summary data tells us to buy HACK just slightly over 76.92, with an upside target of n/a. The data also tells us to set a stop loss @ 76.7 in case the stock turns against the trade. 76.92 is the first level of resistance above 76.45, and by rule, any break above resistance is a buy signal. In this case, 76.92, 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 HACK if it tests 76.92 with a downside target of 75.33. We should have a stop loss in place at 77.14 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, 76.92, 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 77.1 begins to break higher, the technical summary data tells us to buy HACK just slightly over 77.1, with an upside target of n/a. The data also tells us to set a stop loss @ 76.92 in case the stock turns against the trade. 77.1 is the first level of resistance above 76.45, and by rule, any break above resistance is a buy signal. In this case, 77.1, 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 HACK if it tests 77.1 with a downside target of 76.12. We should have a stop loss in place at 77.28 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, 77.1, 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 Etfmg Prime Cyber Security Etf (NASDAQ: HACK) 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.