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November 21, 2024, 03:50 am ET, BY Harold S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy ACNT near 9.98 with an upside target of 11.04. This data also tells us to set a stop loss @ 9.95 to protect against excessive loss in case the stock begins to move against the trade. 9.98 is the first level of support below 10.49 , and by rule, any test of support is a buy signal. In this case, support 9.98 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of ACNT as it gets near 11.04 with a downside target of 9.98. We should have a stop loss in place at 11.07though. 11.04 is the first level of resistance above 10.49, and by rule, any test of resistance is a short signal. In this case, if resistance 11.04 is being tested, a short signal would exist.
If 11.04 begins to break higher, the technical summary data tells us to buy ACNT just slightly over 11.04, with an upside target of n/a. The data also tells us to set a stop loss @ 11.01 in case the stock turns against the trade. 11.04 is the first level of resistance above 10.49, and by rule, any break above resistance is a buy signal. In this case, 11.04, 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 ACNT if it tests 11.04 with a downside target of 10.43. We should have a stop loss in place at 11.07 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, 11.04, 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 10.65 begins to break higher, the technical summary data tells us to buy ACNT just slightly over 10.65, with an upside target of 11.04. The data also tells us to set a stop loss @ 10.63 in case the stock turns against the trade. 10.65 is the first level of resistance above 10.49, and by rule, any break above resistance is a buy signal. In this case, 10.65, 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 ACNT if it tests 10.65 with a downside target of 10.43. We should have a stop loss in place at 10.67 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, 10.65, 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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The data for Ascent Industries Co. (NASDAQ: ACNT) herein utilizes proprietary algorithms produced by Stock Traders Daily and refined since the turn of the century.