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November 03, 2024, 21:58 pm ET, BY THOMAS KEE- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy RDNT near 65.06 with an upside target of 70.92. This data also tells us to set a stop loss @ 64.87 to protect against excessive loss in case the stock begins to move against the trade. 65.06 is the first level of support below 66.54 , and by rule, any test of support is a buy signal. In this case, support 65.06 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of RDNT as it gets near 70.92 with a downside target of 65.06. We should have a stop loss in place at 71.12though. 70.92 is the first level of resistance above 66.54, and by rule, any test of resistance is a short signal. In this case, if resistance 70.92 is being tested, so a short signal would exist.
If 67.19 begins to break higher, the technical summary data tells us to buy RDNT just slightly over 67.19, with an upside target of 70.92. The data also tells us to set a stop loss @ 67 in case the stock turns against the trade. 67.19 is the first level of resistance above 66.54, and by rule, any break above resistance is a buy signal. In this case, 67.19, 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 RDNT if it tests 67.19 with a downside target of 65.18. We should have a stop loss in place at 67.38 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, 67.19, 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 66.62 begins to break higher, the technical summary data tells us to buy RDNT just slightly over 66.62, with an upside target of 67.19. The data also tells us to set a stop loss @ 66.46 in case the stock turns against the trade. 66.62 is the first level of resistance above 66.54, and by rule, any break above resistance is a buy signal. In this case, 66.62, 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 RDNT if it tests 66.62 with a downside target of 65.21. We should have a stop loss in place at 66.78 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, 66.62, 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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Don't over think it! Trading Radnet Inc. (NASDAQ: RDNT) or any other stock can be rewarding if the simple rules of technical analysis are observed before making any decisions. This should be an integral part of the investment process.