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November 06, 2024, 01:16 am ET, BY Barry C.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy VAL.WS near 8.54 with an upside target of 10.68. This data also tells us to set a stop loss @ 8.52 to protect against excessive loss in case the stock begins to move against the trade. 8.54 is the first level of support below 8.605 , and by rule, any test of support is a buy signal. In this case, support 8.54 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of VAL.WS as it gets near 10.68 with a downside target of 8.54. We should have a stop loss in place at 10.71though. 10.68 is the first level of resistance above 8.605, and by rule, any test of resistance is a short signal. In this case, if resistance 10.68 is being tested, so a short signal would exist.
If 8.75 begins to break higher, the technical summary data tells us to buy VAL.WS just slightly over 8.75, with an upside target of 10.68. The data also tells us to set a stop loss @ 8.72 in case the stock turns against the trade. 8.75 is the first level of resistance above 8.605, and by rule, any break above resistance is a buy signal. In this case, 8.75, 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 VAL.WS if it tests 8.75 with a downside target of 8.54. We should have a stop loss in place at 8.78 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, 8.75, 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 8.75 begins to break higher, the technical summary data tells us to buy VAL.WS just slightly over 8.75, with an upside target of 10.68. The data also tells us to set a stop loss @ 8.73 in case the stock turns against the trade. 8.75 is the first level of resistance above 8.605, and by rule, any break above resistance is a buy signal. In this case, 8.75, 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 VAL.WS if it tests 8.75 with a downside target of 8.31. We should have a stop loss in place at 8.77 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, 8.75, 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 Valaris Limited Warrants (NASDAQ: VAL.WS) report was produced by Stock Traders Daily. Over the past 20 years our metholdology has been refined to help identify strategies for both individual stocks and the stock markets, with prudent risk controls.