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December 26, 2024, 10:38 am ET, BY Scott B.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy MPB near 28.13 with an upside target of 31.41. This data also tells us to set a stop loss @ 28.05 to protect against excessive loss in case the stock begins to move against the trade. 28.13 is the first level of support below 29.435 , and by rule, any test of support is a buy signal. In this case, support 28.13 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of MPB as it gets near 31.41 with a downside target of 28.13. We should have a stop loss in place at 31.5though. 31.41 is the first level of resistance above 29.435, and by rule, any test of resistance is a short signal. In this case, if resistance 31.41 is being tested, so a short signal would exist.
If 29.8 begins to break higher, the technical summary data tells us to buy MPB just slightly over 29.8, with an upside target of 31.41. The data also tells us to set a stop loss @ 29.71 in case the stock turns against the trade. 29.8 is the first level of resistance above 29.435, and by rule, any break above resistance is a buy signal. In this case, 29.8, 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 MPB if it tests 29.8 with a downside target of 28.65. We should have a stop loss in place at 29.89 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, 29.8, 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 29.8 begins to break higher, the technical summary data tells us to buy MPB just slightly over 29.8, with an upside target of 31.41. The data also tells us to set a stop loss @ 29.73 in case the stock turns against the trade. 29.8 is the first level of resistance above 29.435, and by rule, any break above resistance is a buy signal. In this case, 29.8, 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 MPB if it tests 29.8 with a downside target of 29.29. We should have a stop loss in place at 29.87 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, 29.8, 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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