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October 26, 2024, 14:04 pm ET, BY Tom S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy FFSM near 26.31 with an upside target of 27.57. This data also tells us to set a stop loss @ 26.23 to protect against excessive loss in case the stock begins to move against the trade. 26.31 is the first level of support below 27.1527 , and by rule, any test of support is a buy signal. In this case, support 26.31 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of FFSM as it gets near 27.57 with a downside target of 26.31. We should have a stop loss in place at 27.65though. 27.57 is the first level of resistance above 27.1527, and by rule, any test of resistance is a short signal. In this case, if resistance 27.57 is being tested, so a short signal would exist.
If 27.74 begins to break higher, the technical summary data tells us to buy FFSM just slightly over 27.74, with an upside target of 28.72. The data also tells us to set a stop loss @ 27.66 in case the stock turns against the trade. 27.74 is the first level of resistance above 27.1527, and by rule, any break above resistance is a buy signal. In this case, 27.74, 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 FFSM if it tests 27.74 with a downside target of 27.07. We should have a stop loss in place at 27.82 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, 27.74, 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 27.23 begins to break higher, the technical summary data tells us to buy FFSM just slightly over 27.23, with an upside target of 27.74. The data also tells us to set a stop loss @ 27.17 in case the stock turns against the trade. 27.23 is the first level of resistance above 27.1527, and by rule, any break above resistance is a buy signal. In this case, 27.23, 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 FFSM if it tests 27.23 with a downside target of 26.31. We should have a stop loss in place at 27.29 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, 27.23, 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 Fidelity Small-mid Cap Opportunities Etf (NASDAQ: FFSM) 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.