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Allete ALE Proactive Strategies

Don't over think it!  Trading Allete (NYSE: ALE) 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.

Warning:

This is a static report, the data below was valid at the time of the publication, but support and resistance levels for ALE change over time, so the report should be updated regularly.  Real Time updates are provided to subscribers.  Unlimited Real Time Reports.

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Instructions:

The rules that govern the data in this report are the rules of Technical Analysis.  For example, if ALE is testing support buy signals surface, and resistance is the target.  Conversely, if resistance is being tested, that is a sign to control risk or short, and support would be the downside target accordingly.  In each case, the trigger point is designed to be both an ideal place to enter a position (avoid trading in the middle of a trading channel), and it acts as a level of risk control too.

Swing Trades, Day Trades, and Longer term Trading Plans:

This data is refined to differentiate trading plans for Day Trading, Swing Trading, and Long Term Investing plans for ALE too.  All of these are offered below the Summary Table.

Longer Term Trading Plans for ALE
  • Buy ALE slightly over 56.66 target 60.90 stop loss @ 56.5 Details
  • The technical summary data tells us to buy ALE near 56.66 with an upside target of 60.90. This data also tells us to set a stop loss @ 56.5 to protect against excessive loss in case the stock begins to move against the trade. 56.66 is the first level of support below 57.4 , and by rule, any test of support is a buy signal. In this case, support 56.66 would be being tested, so a buy signal would exist.

  • Short ALE under 60.90, target 56.66, stop loss @ 61.08 Details
  • The technical summary data is suggesting a short of ALE as it gets near 60.90 with a downside target of 56.66. We should have a stop loss in place at 61.08though. 60.90 is the first level of resistance above 57.4, and by rule, any test of resistance is a short signal. In this case, if resistance 60.90 is being tested, so a short signal would exist.

Swing Trading Plans for ALE
  • Buy ALE slightly over 60.90, target n/a, Stop Loss @ 60.72 Details
  • If 60.90 begins to break higher, the technical summary data tells us to buy ALE just slightly over 60.90, with an upside target of n/a. The data also tells us to set a stop loss @ 60.72 in case the stock turns against the trade. 60.90 is the first level of resistance above 57.4, and by rule, any break above resistance is a buy signal. In this case, 60.90, 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 ALE near 60.90, target n/a, Stop Loss @ 61.08. Details
  • The technical summary data is suggesting a short of ALE if it tests 60.90 with a downside target of n/a. We should have a stop loss in place at 61.08 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, 60.90, 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 ALE
  • Buy ALE slightly over 57.94, target 60.90, Stop Loss @ 57.8 Details
  • If 57.94 begins to break higher, the technical summary data tells us to buy ALE just slightly over 57.94, with an upside target of 60.90. The data also tells us to set a stop loss @ 57.8 in case the stock turns against the trade. 57.94 is the first level of resistance above 57.4, and by rule, any break above resistance is a buy signal. In this case, 57.94, 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 ALE near 57.94, target 57.11, Stop Loss @ 58.08. Details
  • The technical summary data is suggesting a short of ALE if it tests 57.94 with a downside target of 57.11. We should have a stop loss in place at 58.08 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, 57.94, 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.

ALE Ratings for June 23:

Term →Near Mid Long
Rating Weak Neutral Neutral
P1 0 0 56.66
P2 57.11 54.75 60.90
P3 57.94 57.01 64.97
Triggers may have already come
Support and Resistance Plot Chart for ALE

ALE Long Term Analysis for June 23 2022

Blue = Current Price
Red= Resistance
Green = Support

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