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December 19, 2024, 04:40 am ET, BY Neal- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy CVMC near 59.24 with an upside target of 61.46. This data also tells us to set a stop loss @ 59.07 to protect against excessive loss in case the stock begins to move against the trade. 59.24 is the first level of support below 59.8414 , and by rule, any test of support is a buy signal. In this case, support 59.24 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of CVMC as it gets near 61.46 with a downside target of 59.24. We should have a stop loss in place at 61.64though. 61.46 is the first level of resistance above 59.8414, and by rule, any test of resistance is a short signal. In this case, if resistance 61.46 is being tested, so a short signal would exist.
If 61.47 begins to break higher, the technical summary data tells us to buy CVMC just slightly over 61.47, with an upside target of 62.1. The data also tells us to set a stop loss @ 61.29 in case the stock turns against the trade. 61.47 is the first level of resistance above 59.8414, and by rule, any break above resistance is a buy signal. In this case, 61.47, 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 CVMC if it tests 61.47 with a downside target of 59.24. We should have a stop loss in place at 61.65 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, 61.47, 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 61.25 begins to break higher, the technical summary data tells us to buy CVMC just slightly over 61.25, with an upside target of 61.47. The data also tells us to set a stop loss @ 61.11 in case the stock turns against the trade. 61.25 is the first level of resistance above 59.8414, and by rule, any break above resistance is a buy signal. In this case, 61.25, 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 CVMC if it tests 61.25 with a downside target of 59.24. We should have a stop loss in place at 61.39 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, 61.25, 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 Calvert Us Mid-cap Core Responsible Index Etf (NASDAQ: CVMC) report was produced by Stock Traders Daily. Over the past 20 years our metholdology has been refined to help identify strategies for both individual stocks and the stock markets, with prudent risk controls.