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August 31, 2024, 16:02 pm ET, BY Billy- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy IGTAU near 11.09 with an upside target of 11.78. This data also tells us to set a stop loss @ 11.06 to protect against excessive loss in case the stock begins to move against the trade. 11.09 is the first level of support below 11.49 , and by rule, any test of support is a buy signal. In this case, support 11.09 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of IGTAU as it gets near 11.78 with a downside target of 11.09. We should have a stop loss in place at 11.81though. 11.78 is the first level of resistance above 11.49, and by rule, any test of resistance is a short signal. In this case, if resistance 11.78 is being tested, so a short signal would exist.
If 11.78 begins to break higher, the technical summary data tells us to buy IGTAU just slightly over 11.78, with an upside target of 11.99. The data also tells us to set a stop loss @ 11.75 in case the stock turns against the trade. 11.78 is the first level of resistance above 11.49, and by rule, any break above resistance is a buy signal. In this case, 11.78, 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 IGTAU if it tests 11.78 with a downside target of 11.39. We should have a stop loss in place at 11.81 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, 11.78, 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 11.78 begins to break higher, the technical summary data tells us to buy IGTAU just slightly over 11.78, with an upside target of 11.99. The data also tells us to set a stop loss @ 11.75 in case the stock turns against the trade. 11.78 is the first level of resistance above 11.49, and by rule, any break above resistance is a buy signal. In this case, 11.78, 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 IGTAU if it tests 11.78 with a downside target of 11.49. We should have a stop loss in place at 11.81 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, 11.78, 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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Don't over think it! Trading Inception Growth Acquisition Limited Units (NASDAQ: IGTAU) or any other stock can be rewarding if the simple rules of technical analysis are observed before making any decisions. This should be an integral part of the investment process.