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December 22, 2024, 03:48 am ET, BY Thomas Y.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy ADP near 291.01 with an upside target of 306.47. This data also tells us to set a stop loss @ 290.17 to protect against excessive loss in case the stock begins to move against the trade. 291.01 is the first level of support below 294.02 , and by rule, any test of support is a buy signal. In this case, support 291.01 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of ADP as it gets near 306.47 with a downside target of 291.01. We should have a stop loss in place at 307.36though. 306.47 is the first level of resistance above 294.02, and by rule, any test of resistance is a short signal. In this case, if resistance 306.47 is being tested, a short signal would exist.
If 295.65 begins to break higher, the technical summary data tells us to buy ADP just slightly over 295.65, with an upside target of 306.47. The data also tells us to set a stop loss @ 294.8 in case the stock turns against the trade. 295.65 is the first level of resistance above 294.02, and by rule, any break above resistance is a buy signal. In this case, 295.65, 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 ADP if it tests 295.65 with a downside target of 291.01. We should have a stop loss in place at 296.5 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, 295.65, 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 295.65 begins to break higher, the technical summary data tells us to buy ADP just slightly over 295.65, with an upside target of 306.47. The data also tells us to set a stop loss @ 294.96 in case the stock turns against the trade. 295.65 is the first level of resistance above 294.02, and by rule, any break above resistance is a buy signal. In this case, 295.65, 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 ADP if it tests 295.65 with a downside target of 293.64. We should have a stop loss in place at 296.34 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, 295.65, 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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