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December 25, 2024, 19:02 pm ET, BY Randall S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy INSP near 183.5 with an upside target of 220.25. This data also tells us to set a stop loss @ 182.97 to protect against excessive loss in case the stock begins to move against the trade. 183.5 is the first level of support below 186.29 , and by rule, any test of support is a buy signal. In this case, support 183.5 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of INSP as it gets near 220.25 with a downside target of 183.5. We should have a stop loss in place at 220.89though. 220.25 is the first level of resistance above 186.29, and by rule, any test of resistance is a short signal. In this case, if resistance 220.25 is being tested, a short signal would exist.
If 190.89 begins to break higher, the technical summary data tells us to buy INSP just slightly over 190.89, with an upside target of 220.25. The data also tells us to set a stop loss @ 190.34 in case the stock turns against the trade. 190.89 is the first level of resistance above 186.29, and by rule, any break above resistance is a buy signal. In this case, 190.89, 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 INSP if it tests 190.89 with a downside target of 183.5. We should have a stop loss in place at 191.44 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, 190.89, 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 186.81 begins to break higher, the technical summary data tells us to buy INSP just slightly over 186.81, with an upside target of 190.89. The data also tells us to set a stop loss @ 186.37 in case the stock turns against the trade. 186.81 is the first level of resistance above 186.29, and by rule, any break above resistance is a buy signal. In this case, 186.81, 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 INSP if it tests 186.81 with a downside target of 183.5. We should have a stop loss in place at 187.25 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, 186.81, 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 Inspire Medical Systems Inc. (NASDAQ: INSP), Stock Traders Daily attempts to go with the flow of the market by utilizing a combination of market analysis and stock analysis.