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September 01, 2024, 22:06 pm ET, BY Bill- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy ACT near 34.34, but there is no current upside target from the summary table. In this case we should wait until either an update to the summary table has been made (which usually happens at the beginning of every trading day), or until the position has been stopped. The data does tell us to set a stop loss 34.24 to protect against excessive loss in case the stock begins to move against the trade. 34.34 is the first level of support below 35.55, and by rule, any test of support is a buy signal. In this case, if support 34.34 is being tested, a buy signal would exist.
NONE .
There are no current resistance levels from the summary table, and therefore there are no Short resistance Plans which tell us to short upon tests of resistance. Resistance levels have broken higher and unless the stock reverses lower and below support levels again short positions look risky.
If 35.9 begins to break higher, the technical summary data tells us to buy ACT just slightly over 35.9, with an upside target of n/a. The data also tells us to set a stop loss @ 35.8 in case the stock turns against the trade. 35.9 is the first level of resistance above 35.55, and by rule, any break above resistance is a buy signal. In this case, 35.9, 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 ACT if it tests 35.9 with a downside target of 35.33. We should have a stop loss in place at 36 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, 35.9, 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 35.9 begins to break higher, the technical summary data tells us to buy ACT just slightly over 35.9, with an upside target of n/a. The data also tells us to set a stop loss @ 35.82 in case the stock turns against the trade. 35.9 is the first level of resistance above 35.55, and by rule, any break above resistance is a buy signal. In this case, 35.9, 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 ACT if it tests 35.9 with a downside target of 35.53. We should have a stop loss in place at 35.98 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, 35.9, 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 Enact Holdings Inc. (NYSE: ACT), Stock Traders Daily attempts to go with the flow of the market by utilizing a combination of market analysis and stock analysis.