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September 16, 2024, 22:02 pm ET, BY Bill- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy LFUS near 240.04 with an upside target of 257.4. This data also tells us to set a stop loss @ 239.35 to protect against excessive loss in case the stock begins to move against the trade. 240.04 is the first level of support below 252.42 , and by rule, any test of support is a buy signal. In this case, support 240.04 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of LFUS as it gets near 257.4 with a downside target of 240.04. We should have a stop loss in place at 258.14though. 257.4 is the first level of resistance above 252.42, and by rule, any test of resistance is a short signal. In this case, if resistance 257.4 is being tested, so a short signal would exist.
If 257.4 begins to break higher, the technical summary data tells us to buy LFUS just slightly over 257.4, with an upside target of 276. The data also tells us to set a stop loss @ 256.66 in case the stock turns against the trade. 257.4 is the first level of resistance above 252.42, and by rule, any break above resistance is a buy signal. In this case, 257.4, 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 LFUS if it tests 257.4 with a downside target of 246.45. We should have a stop loss in place at 258.14 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, 257.4, 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 257.4 begins to break higher, the technical summary data tells us to buy LFUS just slightly over 257.4, with an upside target of 276. The data also tells us to set a stop loss @ 256.8 in case the stock turns against the trade. 257.4 is the first level of resistance above 252.42, and by rule, any break above resistance is a buy signal. In this case, 257.4, 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 LFUS if it tests 257.4 with a downside target of 251.83. We should have a stop loss in place at 258 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, 257.4, 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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Prudent Investment Analysis requires observations of the support and resistance levels for Littelfuse Inc. (NASDAQ: LFUS) too. These define prudent trading plans.