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December 21, 2024, 03:34 am ET, BY Jeff W.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy EMLP near 34.45 with an upside target of 35.66. This data also tells us to set a stop loss @ 34.35 to protect against excessive loss in case the stock begins to move against the trade. 34.45 is the first level of support below 35.37 , and by rule, any test of support is a buy signal. In this case, support 34.45 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of EMLP as it gets near 35.66 with a downside target of 34.45. We should have a stop loss in place at 35.76though. 35.66 is the first level of resistance above 35.37, and by rule, any test of resistance is a short signal. In this case, if resistance 35.66 is being tested, so a short signal would exist.
If 35.66 begins to break higher, the technical summary data tells us to buy EMLP just slightly over 35.66, with an upside target of 36.91. The data also tells us to set a stop loss @ 35.56 in case the stock turns against the trade. 35.66 is the first level of resistance above 35.37, and by rule, any break above resistance is a buy signal. In this case, 35.66, 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 EMLP if it tests 35.66 with a downside target of 35.35. We should have a stop loss in place at 35.76 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, 35.66, 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 35.66 begins to break higher, the technical summary data tells us to buy EMLP just slightly over 35.66, with an upside target of 36.91. The data also tells us to set a stop loss @ 35.58 in case the stock turns against the trade. 35.66 is the first level of resistance above 35.37, and by rule, any break above resistance is a buy signal. In this case, 35.66, 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 EMLP if it tests 35.66 with a downside target of 35.35. We should have a stop loss in place at 35.74 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, 35.66, 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 First Trust North American Energy Infrastructure Fund (NASDAQ: EMLP) can be efficient and rewarding, especially in volatile markets, so long as the important pivot points for the stock are observed before making decisions to buy, sell, or short.