When Office Depot Inc. Common Stoc (ODP) Moves Investors should Listen

July 14, 2021, 08:15 am ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

How do we know what is going on #behindthescenes of a company?  According to Stock Traders Daily, a 20-year #financialindustry innovator, the best way to do this to to watch the price action in the stock. The  Office Depot Inc. Common Stoc (NYSE: ODP) report below is a real world example. Included are trading plans for ODP, but this report is static. If you want an update, or a different stock, please get one here Unlimited Real Time Reports. 

Longer Term Trading Plans for ODP

• Buy ODP slightly over 42.36 target 48.65 stop loss @ 42.24 Details

The technical summary data tells us to buy ODP near 42.36 with an upside target of 48.65. This data also tells us to set a stop loss @ 42.24 to protect against excessive loss in case the stock begins to move against the trade. 42.36 is the first level of support below 46.77 , and by rule, any test of support is a buy signal. In this case, support 42.36 would be being tested, so a buy signal would exist.

• Short ODP under 48.65, target 42.36, stop loss @ 48.79 Details

The technical summary data is suggesting a short of ODP as it gets near 48.65 with a downside target of 42.36. We should have a stop loss in place at 48.79though. 48.65 is the first level of resistance above 46.77, and by rule, any test of resistance is a short signal. In this case, if resistance 48.65 is being tested, so a short signal would exist.

Swing Trading Plans for ODP

• Buy ODP slightly over 47.96, target 48.65, Stop Loss @ 47.82 Details

If 47.96 begins to break higher, the technical summary data tells us to buy ODP just slightly over 47.96, with an upside target of 48.65. The data also tells us to set a stop loss @ 47.82 in case the stock turns against the trade. 47.96 is the first level of resistance above 46.77, and by rule, any break above resistance is a buy signal. In this case, 47.96, 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 ODP near 47.96, target 45.20, Stop Loss @ 48.1. Details

The technical summary data is suggesting a short of ODP if it tests 47.96 with a downside target of 45.20. We should have a stop loss in place at 48.1 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, 47.96, 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 ODP

• Buy ODP slightly over 47.96, target 48.20, Stop Loss @ 47.85 Details

If 47.96 begins to break higher, the technical summary data tells us to buy ODP just slightly over 47.96, with an upside target of 48.20. The data also tells us to set a stop loss @ 47.85 in case the stock turns against the trade. 47.96 is the first level of resistance above 46.77, and by rule, any break above resistance is a buy signal. In this case, 47.96, 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 ODP near 47.96, target 45.41, Stop Loss @ 48.07. Details

The technical summary data is suggesting a short of ODP if it tests 47.96 with a downside target of 45.41. We should have a stop loss in place at 48.07 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, 47.96, 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.

ODP Ratings for July 14:

Term →	Near	Mid	Long
Rating	Weak	Neutral	Strong
P1	0	0	42.36
P2	45.41	45.20	48.65
P3	48.20	47.96	55.54

Support and Resistance Plot Chart for ODP

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