(UFO) Proactive Strategies

March 16, 2024, 07:04 am ET, BY James G.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for UFO

• Buy UFO slightly over 16.59 target 17.85 stop loss @ 16.54 Details

The technical summary data tells us to buy UFO near 16.59 with an upside target of 17.85. This data also tells us to set a stop loss @ 16.54 to protect against excessive loss in case the stock begins to move against the trade. 16.59 is the first level of support below 16.74 , and by rule, any test of support is a buy signal. In this case, support 16.59 is being tested, a buy signal would exist.

• Short UFO slightly under 17.85, target 16.59, stop loss @ 17.9 Details

The technical summary data is suggesting a short of UFO as it gets near 17.85 with a downside target of 16.59. We should have a stop loss in place at 17.9though. 17.85 is the first level of resistance above 16.74, and by rule, any test of resistance is a short signal. In this case, if resistance 17.85 is being tested, a short signal would exist.

Swing Trading Plans for UFO

• Buy UFO slightly over 17.02, target 17.31, Stop Loss @ 16.97 Details

If 17.02 begins to break higher, the technical summary data tells us to buy UFO just slightly over 17.02, with an upside target of 17.31. The data also tells us to set a stop loss @ 16.97 in case the stock turns against the trade. 17.02 is the first level of resistance above 16.74, and by rule, any break above resistance is a buy signal. In this case, 17.02, 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.

• Short UFO slightly near 17.02, target 16.59, Stop Loss @ 17.07. Details

The technical summary data is suggesting a short of UFO if it tests 17.02 with a downside target of 16.59. We should have a stop loss in place at 17.07 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, 17.02, 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.

Day Trading Plans for UFO

• Buy UFO slightly over 17.31, target 17.85, Stop Loss @ 17.27 Details

If 17.31 begins to break higher, the technical summary data tells us to buy UFO just slightly over 17.31, with an upside target of 17.85. The data also tells us to set a stop loss @ 17.27 in case the stock turns against the trade. 17.31 is the first level of resistance above 16.74, and by rule, any break above resistance is a buy signal. In this case, 17.31, 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.

• Short UFO slightly near 17.31, target 16.59, Stop Loss @ 17.35. Details

The technical summary data is suggesting a short of UFO if it tests 17.31 with a downside target of 16.59. We should have a stop loss in place at 17.35 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, 17.31, 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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UFO Ratings for March 16:

Support and Resistance Plot Chart for UFO

Blue = Current Price
Red= Resistance
Green = Support

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Don’t over think it!  Trading Procure Space Etf (NYSE: UFO) or any other stock can be rewarding if the simple rules of technical analysis are observed before making any decisions.  This should be an integral part of the investment process.

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