Stock Traders Daily recommends covering shorts in SRPT

December 01, 2023, 11:17 am ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Stock Traders Daily has recommended that clients take profits from shorts in Sarepta Therapeutics Inc (NASDAQ: SRPT).  This information was disseminated to clients already.

Longer Term Trading Plans for SRPT

• NONE. Details

There is no current Support Plan to trigger a buy of this stock at this time. This usually means that there are no clear support levels at this time, so buying the stock as it falls could be considered catching a falling knife. Buy signals only exist if resistance breaks higher.
This often is a signal that the stock you are watching is weak. Waiting for a turn higher may be more intelligent than trying to catch a falling knife. In any case, new support levels are usually revised to the database at the beginning of the next trading session.

• Short SRPT slightly under 84.95, target n/a, stop loss @ 85.2 Details

The technical summary data is suggesting a short of SRPT as it gets near 84.95, but the downside target is not available from the current data. This tells us to hold that position if it is triggered until a new downside target has been established (updates occur at the beginning of every trading session) or until the position has been stopped. The summary data tells us to have a stop loss in place at 85.2. 84.95 is the first level of resistance above 81.36, and by rule, any test of resistance is a short signal. In this case, if resistance 84.95 is being tested, so a short signal would exist.

Swing Trading Plans for SRPT

• Buy SRPT slightly over 83.83, target 84.95, Stop Loss @ 83.59 Details

If 83.83 begins to break higher, the technical summary data tells us to buy SRPT just slightly over 83.83, with an upside target of 84.95. The data also tells us to set a stop loss @ 83.59 in case the stock turns against the trade. 83.83 is the first level of resistance above 81.36, and by rule, any break above resistance is a buy signal. In this case, 83.83, 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 SRPT slightly near 83.83, target 80.75, Stop Loss @ 84.07. Details

The technical summary data is suggesting a short of SRPT if it tests 83.83 with a downside target of 80.75. We should have a stop loss in place at 84.07 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, 83.83, 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 SRPT

• Buy SRPT slightly over 81.43, target 83.83, Stop Loss @ 81.24 Details

If 81.43 begins to break higher, the technical summary data tells us to buy SRPT just slightly over 81.43, with an upside target of 83.83. The data also tells us to set a stop loss @ 81.24 in case the stock turns against the trade. 81.43 is the first level of resistance above 81.36, and by rule, any break above resistance is a buy signal. In this case, 81.43, 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 SRPT slightly near 81.43, target 80.75, Stop Loss @ 81.62. Details

The technical summary data is suggesting a short of SRPT if it tests 81.43 with a downside target of 80.75. We should have a stop loss in place at 81.62 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, 81.43, 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.

SRPT Ratings for December 01:

Term →	Near	Mid	Long
Rating	Weak	Neutral	Weak
P1	0	0	84.95
P2	80.35	80.75	102.51
P3	81.43	83.83	120.7

Support and Resistance Plot Chart for SRPT

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