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December 26, 2024, 10:30 am ET, BY Quentin W.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy MORN near 323.62 with an upside target of 341.36. This data also tells us to set a stop loss @ 322.69 to protect against excessive loss in case the stock begins to move against the trade. 323.62 is the first level of support below 340.76 , and by rule, any test of support is a buy signal. In this case, support 323.62 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of MORN as it gets near 341.36 with a downside target of 323.62. We should have a stop loss in place at 342.35though. 341.36 is the first level of resistance above 340.76, and by rule, any test of resistance is a short signal. In this case, if resistance 341.36 is being tested, so a short signal would exist.
If 341.36 begins to break higher, the technical summary data tells us to buy MORN just slightly over 341.36, with an upside target of 342.5. The data also tells us to set a stop loss @ 340.37 in case the stock turns against the trade. 341.36 is the first level of resistance above 340.76, and by rule, any break above resistance is a buy signal. In this case, 341.36, 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 MORN if it tests 341.36 with a downside target of 332.99. We should have a stop loss in place at 342.35 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, 341.36, 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 341.36 begins to break higher, the technical summary data tells us to buy MORN just slightly over 341.36, with an upside target of 342.5. The data also tells us to set a stop loss @ 340.56 in case the stock turns against the trade. 341.36 is the first level of resistance above 340.76, and by rule, any break above resistance is a buy signal. In this case, 341.36, 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 MORN if it tests 341.36 with a downside target of 338.92. We should have a stop loss in place at 342.16 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, 341.36, 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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Trading or Investing in Morningstar Inc. (NASDAQ: MORN) involves an observation of the technicals, every time. This data reveals the current technicals.