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October 05, 2024, 02:18 am ET, BY Jolene W.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy SPHR near 43.97 with an upside target of 50.76. This data also tells us to set a stop loss @ 43.84 to protect against excessive loss in case the stock begins to move against the trade. 43.97 is the first level of support below 45.26 , and by rule, any test of support is a buy signal. In this case, support 43.97 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of SPHR as it gets near 50.76 with a downside target of 43.97. We should have a stop loss in place at 50.91though. 50.76 is the first level of resistance above 45.26, and by rule, any test of resistance is a short signal. In this case, if resistance 50.76 is being tested, a short signal would exist.
If 46.69 begins to break higher, the technical summary data tells us to buy SPHR just slightly over 46.69, with an upside target of 50.76. The data also tells us to set a stop loss @ 46.56 in case the stock turns against the trade. 46.69 is the first level of resistance above 45.26, and by rule, any break above resistance is a buy signal. In this case, 46.69, 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 SPHR if it tests 46.69 with a downside target of 44.63. We should have a stop loss in place at 46.82 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, 46.69, 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 45.46 begins to break higher, the technical summary data tells us to buy SPHR just slightly over 45.46, with an upside target of 46.69. The data also tells us to set a stop loss @ 45.35 in case the stock turns against the trade. 45.46 is the first level of resistance above 45.26, and by rule, any break above resistance is a buy signal. In this case, 45.46, 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 SPHR if it tests 45.46 with a downside target of 44.63. We should have a stop loss in place at 45.57 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, 45.46, 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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This report was produced using AI developed by Stock Traders Daily. Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves. This methodology is also applied to Index options, ETFs, and futures. The objective of this specific report is to optimize trading in Madison Square Garden Entertainment Corp. Class A (NASDAQ: SPHR) while incorporating prudent risk controls.