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November 23, 2024, 07:02 am ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy GDXU near 37.8 with an upside target of 47.61. This data also tells us to set a stop loss @ 37.69 to protect against excessive loss in case the stock begins to move against the trade. 37.8 is the first level of support below 39.45 , and by rule, any test of support is a buy signal. In this case, support 37.8 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of GDXU as it gets near 47.61 with a downside target of 37.8. We should have a stop loss in place at 47.75though. 47.61 is the first level of resistance above 39.45, and by rule, any test of resistance is a short signal. In this case, if resistance 47.61 is being tested, so a short signal would exist.
If 47.61 begins to break higher, the technical summary data tells us to buy GDXU just slightly over 47.61, with an upside target of 58.72. The data also tells us to set a stop loss @ 47.47 in case the stock turns against the trade. 47.61 is the first level of resistance above 39.45, and by rule, any break above resistance is a buy signal. In this case, 47.61, 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 GDXU if it tests 47.61 with a downside target of 38.25. We should have a stop loss in place at 47.75 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, 47.61, 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 40.9 begins to break higher, the technical summary data tells us to buy GDXU just slightly over 40.9, with an upside target of 47.61. The data also tells us to set a stop loss @ 40.8 in case the stock turns against the trade. 40.9 is the first level of resistance above 39.45, and by rule, any break above resistance is a buy signal. In this case, 40.9, 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 GDXU if it tests 40.9 with a downside target of 38.43. We should have a stop loss in place at 41 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, 40.9, 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 Bank Of Montreal Zc Sp Etn Redeem 29/06/2040 Usd - 3x Leveraged (NASDAQ: GDXU) 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.