When we read the #charts for Allete (NYSE: ALE) we are able to reach a #conclusion that may not be otherwise discernable. We can see where buy signals exist, where sell signals exist, and where risk controls should be implemented. These are what create trading plans. The example here is for ALE and it demonstrates this practice. This data is current, but it is not real time. If you want real time updates, or data on a different stock, please get one here Unlimited Real Time Reports .
Technical Summary
Term ? | Near | Mid | Long |
---|---|---|---|
Bias | Neutral | Strong | Strong |
P1 | 0 | 0 | 60.71 |
P2 | 68.33 | 69.15 | 65.48 |
P3 | 69.36 | 70.67 | 70.82 |
Long Term Trading Plans for ALE
May 2, 2021, 10:45 pm ET
The Technical Summary and Trading Plans for ALE help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this ALE Report.
ALE - (Long) Support Plan
The technical summary data tells us to buy ALE near 65.48 with an upside target of 70.82. This data also tells us to set a stop loss @ 65.29 to protect against excessive loss in case the stock begins to move against the trade. 65.48 is the first level of support below 70.36 , and by rule, any test of support is a buy signal. In this case, support 65.48 is being tested, a buy signal would exist.
ALE - (Short) Resistance Plan
The technical summary data is suggesting a short of ALE as it gets near 70.82 with a downside target of 65.48. We should have a stop loss in place at 71.02though. 70.82 is the first level of resistance above 70.36, and by rule, any test of resistance is a short signal. In this case, if resistance 70.82 is being tested, a short signal would exist.