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December 22, 2024, 09:44 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 ERII near 13.99 with an upside target of 16.55. This data also tells us to set a stop loss @ 13.95 to protect against excessive loss in case the stock begins to move against the trade. 13.99 is the first level of support below 15.14 , and by rule, any test of support is a buy signal. In this case, support 13.99 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of ERII as it gets near 16.55 with a downside target of 13.99. We should have a stop loss in place at 16.6though. 16.55 is the first level of resistance above 15.14, and by rule, any test of resistance is a short signal. In this case, if resistance 16.55 is being tested, so a short signal would exist.
If 15.16 begins to break higher, the technical summary data tells us to buy ERII just slightly over 15.16, with an upside target of 16.06. The data also tells us to set a stop loss @ 15.12 in case the stock turns against the trade. 15.16 is the first level of resistance above 15.14, and by rule, any break above resistance is a buy signal. In this case, 15.16, 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 ERII if it tests 15.16 with a downside target of 13.99. We should have a stop loss in place at 15.2 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, 15.16, 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 15.16 begins to break higher, the technical summary data tells us to buy ERII just slightly over 15.16, with an upside target of 15.49. The data also tells us to set a stop loss @ 15.12 in case the stock turns against the trade. 15.16 is the first level of resistance above 15.14, and by rule, any break above resistance is a buy signal. In this case, 15.16, 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 ERII if it tests 15.16 with a downside target of 14.94. We should have a stop loss in place at 15.2 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, 15.16, 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 provides trading strategies for Energy Recovery Inc. (NASDAQ: ERII) while incorporating risk controls.