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August 25, 2024, 16:06 pm ET, BY Barry C.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy MLYS near 10.39 with an upside target of 13.3. This data also tells us to set a stop loss @ 10.36 to protect against excessive loss in case the stock begins to move against the trade. 10.39 is the first level of support below 11.61 , and by rule, any test of support is a buy signal. In this case, support 10.39 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of MLYS as it gets near 13.3 with a downside target of 10.39. We should have a stop loss in place at 13.34though. 13.3 is the first level of resistance above 11.61, and by rule, any test of resistance is a short signal. In this case, if resistance 13.3 is being tested, so a short signal would exist.
If 13.3 begins to break higher, the technical summary data tells us to buy MLYS just slightly over 13.3, with an upside target of 16.3. The data also tells us to set a stop loss @ 13.26 in case the stock turns against the trade. 13.3 is the first level of resistance above 11.61, and by rule, any break above resistance is a buy signal. In this case, 13.3, 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 MLYS if it tests 13.3 with a downside target of 11.53. We should have a stop loss in place at 13.34 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, 13.3, 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 11.84 begins to break higher, the technical summary data tells us to buy MLYS just slightly over 11.84, with an upside target of 13.3. The data also tells us to set a stop loss @ 11.81 in case the stock turns against the trade. 11.84 is the first level of resistance above 11.61, and by rule, any break above resistance is a buy signal. In this case, 11.84, 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 MLYS if it tests 11.84 with a downside target of 11.53. We should have a stop loss in place at 11.87 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, 11.84, 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 report was produced using AI developed by Stock Traders Daily. Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves. This methodology is also applied to Index options, ETFs, and futures. The objective of this specific report is to optimize trading in Mineralys Therapeutics Inc. (NASDAQ: MLYS) while incorporating prudent risk controls.