Where are the Opportunities in (ERX)

November 22, 2024, 17:46 pm ET, BY Bill T.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for ERX

• Buy ERX near 65.53 target 73.37 stop loss @ 65.34 Details

The technical summary data tells us to buy ERX near 65.53 with an upside target of 73.37. This data also tells us to set a stop loss @ 65.34 to protect against excessive loss in case the stock begins to move against the trade. 65.53 is the first level of support below 71.62 , and by rule, any test of support is a buy signal. In this case, support 65.53 is being tested, a buy signal would exist.

• Short ERX slightly under 73.37, target 65.53, stop loss @ 73.58 Details

The technical summary data is suggesting a short of ERX as it gets near 73.37 with a downside target of 65.53. We should have a stop loss in place at 73.58though. 73.37 is the first level of resistance above 71.62, and by rule, any test of resistance is a short signal. In this case, if resistance 73.37 is being tested, a short signal would exist.

Swing Trading Plans for ERX

• Buy ERX slightly over 73.37, target n/a, Stop Loss @ 73.16 Details

If 73.37 begins to break higher, the technical summary data tells us to buy ERX just slightly over 73.37, with an upside target of n/a. The data also tells us to set a stop loss @ 73.16 in case the stock turns against the trade. 73.37 is the first level of resistance above 71.62, and by rule, any break above resistance is a buy signal. In this case, 73.37, 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 ERX slightly near 73.37, target 71.59, Stop Loss @ 73.58. Details

The technical summary data is suggesting a short of ERX if it tests 73.37 with a downside target of 71.59. We should have a stop loss in place at 73.58 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, 73.37, 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 ERX

• Buy ERX slightly over 72.23, target 73.37, Stop Loss @ 72.06 Details

If 72.23 begins to break higher, the technical summary data tells us to buy ERX just slightly over 72.23, with an upside target of 73.37. The data also tells us to set a stop loss @ 72.06 in case the stock turns against the trade. 72.23 is the first level of resistance above 71.62, and by rule, any break above resistance is a buy signal. In this case, 72.23, 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 ERX slightly near 72.23, target 71.59, Stop Loss @ 72.4. Details

The technical summary data is suggesting a short of ERX if it tests 72.23 with a downside target of 71.59. We should have a stop loss in place at 72.4 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, 72.23, 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.

Check the time stamp on this data. Updated AI-Generated Signals for Direxion Daily Energy Bull 2x Shares (ERX) available here: ERX.

ERX Ratings for November 22:

Term →	Near	Mid	Long
Rating	Strong	Strong	Neutral
P1	0	0	57.81
P2	70.65	69.81	65.53
P3	72.23	71.59	73.37

AI Generated Signals for ERX

Real Time Updates for Repeat Institutional Readers:

• Factset: Request User/Pass
• Bloomberg, Reuters, Refinitiv, Zacks, or IB users: Access Here.

Instructions:

• Click the Get Real Time Updates button below.

• In the login prompt, select forgot username

• Type the email you use for Factset

• Use the user/pass you receive to login

• You will have 24/7 access to real time updates.

From then on you can just click to get the real time update whenever you want.

GET REAL TIME UPDATES

Market Crash Leading Indicator

Our Market Crash Leading Indicator isEvitar Corte.

• Evitar Corte warned of market crash risk four times since 2000.

• It identified the Internet Debacle before it happened.

• It identified the Credit Crisis before it happened.

• It identified the Corona Crash too.

• See what Evitar Corte is Saying Now.

Get Notified When our Ratings Change:Take a Trial

This report was produced using AI developed by Stock Traders Daily.  Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves.  This methodology is also applied to Index options, ETFs, and futures.  The objective of this specific report is to optimize trading in Direxion Daily Energy Bull 2x Shares (NYSE: ERX) while incorporating prudent risk controls.

Warning:

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

Subscribers also receive market analysis, stock correlation tools, macroeconomic observations, timing tools, and protection from market crashes using Evitar Corte.  

Instructions:

The rules that govern the data in this report are the rules of Technical Analysis.  For example, if ERX 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 ERX too.  All of these are offered below the Summary Table.