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September 15, 2024, 04:46 am ET, BY Barry C.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy MSTR near 131.77 with an upside target of 169.92. This data also tells us to set a stop loss @ 131.39 to protect against excessive loss in case the stock begins to move against the trade. 131.77 is the first level of support below 141.47 , and by rule, any test of support is a buy signal. In this case, support 131.77 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of MSTR as it gets near 169.92 with a downside target of 131.77. We should have a stop loss in place at 170.41though. 169.92 is the first level of resistance above 141.47, and by rule, any test of resistance is a short signal. In this case, if resistance 169.92 is being tested, so a short signal would exist.
If 169.92 begins to break higher, the technical summary data tells us to buy MSTR just slightly over 169.92, with an upside target of 214.61. The data also tells us to set a stop loss @ 169.43 in case the stock turns against the trade. 169.92 is the first level of resistance above 141.47, and by rule, any break above resistance is a buy signal. In this case, 169.92, 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 MSTR if it tests 169.92 with a downside target of 135. We should have a stop loss in place at 170.41 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, 169.92, 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 169.92 begins to break higher, the technical summary data tells us to buy MSTR just slightly over 169.92, with an upside target of 214.61. The data also tells us to set a stop loss @ 169.52 in case the stock turns against the trade. 169.92 is the first level of resistance above 141.47, and by rule, any break above resistance is a buy signal. In this case, 169.92, 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 MSTR if it tests 169.92 with a downside target of 141.24. We should have a stop loss in place at 170.32 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, 169.92, 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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With an objective approach to Microstrategy Incorporated (NASDAQ: MSTR), Stock Traders Daily attempts to go with the flow of the market by utilizing a combination of market analysis and stock analysis.