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November 02, 2024, 10:54 am ET, BY Christie- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy IRDM near 25.54 with an upside target of 30.26. This data also tells us to set a stop loss @ 25.47 to protect against excessive loss in case the stock begins to move against the trade. 25.54 is the first level of support below 29.31 , and by rule, any test of support is a buy signal. In this case, support 25.54 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of IRDM as it gets near 30.26 with a downside target of 25.54. We should have a stop loss in place at 30.35though. 30.26 is the first level of resistance above 29.31, and by rule, any test of resistance is a short signal. In this case, if resistance 30.26 is being tested, a short signal would exist.
If 30.26 begins to break higher, the technical summary data tells us to buy IRDM just slightly over 30.26, with an upside target of n/a. The data also tells us to set a stop loss @ 30.17 in case the stock turns against the trade. 30.26 is the first level of resistance above 29.31, and by rule, any break above resistance is a buy signal. In this case, 30.26, 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 IRDM if it tests 30.26 with a downside target of 27.36. We should have a stop loss in place at 30.35 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, 30.26, 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 29.48 begins to break higher, the technical summary data tells us to buy IRDM just slightly over 29.48, with an upside target of 30.34. The data also tells us to set a stop loss @ 29.41 in case the stock turns against the trade. 29.48 is the first level of resistance above 29.31, and by rule, any break above resistance is a buy signal. In this case, 29.48, 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 IRDM if it tests 29.48 with a downside target of 27.36. We should have a stop loss in place at 29.55 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, 29.48, 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 Iridium Communications Inc (NASDAQ: IRDM) too. These define prudent trading plans.