When the Price of (SCO) Talks, People Listen

January 16, 2024, 06:48 am ET, BY Quentin W.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for SCO

• Buy SCO slightly over 17.79 target 21.39 stop loss @ 17.74 Details

The technical summary data tells us to buy SCO near 17.79 with an upside target of 21.39. This data also tells us to set a stop loss @ 17.74 to protect against excessive loss in case the stock begins to move against the trade. 17.79 is the first level of support below 20 , and by rule, any test of support is a buy signal. In this case, support 17.79 is being tested, a buy signal would exist.

• Short SCO slightly under 21.39, target 17.79, stop loss @ 21.45 Details

The technical summary data is suggesting a short of SCO as it gets near 21.39 with a downside target of 17.79. We should have a stop loss in place at 21.45though. 21.39 is the first level of resistance above 20, and by rule, any test of resistance is a short signal. In this case, if resistance 21.39 is being tested, a short signal would exist.

Swing Trading Plans for SCO

• Buy SCO slightly over 21.14, target 21.39, Stop Loss @ 21.08 Details

If 21.14 begins to break higher, the technical summary data tells us to buy SCO just slightly over 21.14, with an upside target of 21.39. The data also tells us to set a stop loss @ 21.08 in case the stock turns against the trade. 21.14 is the first level of resistance above 20, and by rule, any break above resistance is a buy signal. In this case, 21.14, 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 SCO slightly near 21.14, target 19.86, Stop Loss @ 21.2. Details

The technical summary data is suggesting a short of SCO if it tests 21.14 with a downside target of 19.86. We should have a stop loss in place at 21.2 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, 21.14, 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 SCO

• Buy SCO slightly over 20.2, target 21.14, Stop Loss @ 20.15 Details

If 20.2 begins to break higher, the technical summary data tells us to buy SCO just slightly over 20.2, with an upside target of 21.14. The data also tells us to set a stop loss @ 20.15 in case the stock turns against the trade. 20.2 is the first level of resistance above 20, and by rule, any break above resistance is a buy signal. In this case, 20.2, 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 SCO slightly near 20.2, target 19.86, Stop Loss @ 20.25. Details

The technical summary data is suggesting a short of SCO if it tests 20.2 with a downside target of 19.86. We should have a stop loss in place at 20.25 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, 20.2, 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 Proshares Ultrashort Bloomberg Crude Oil -2x Shares (SCO) available here: SCO.

SCO Ratings for January 16:

Term →	Near	Mid	Long
Rating	Weak	Strong	Weak
P1	0	0	14.81
P2	19.46	19.86	17.79
P3	20.2	21.14	21.39

AI Generated Signals for SCO

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This is not EF Hutton, but it could be more #powerful.  A picture speaks a thousand words, they say, and the #priceaction of Proshares Ultrashort Bloomberg Crude Oil -2x Shares (NYSE: SCO) tells an important story.  The movement tells us where investors perceive value, or the lack of it, and if we pay attention we can capture opportunity.  The data below for SCO can be used as an example, and demonstrate how to do this for other stocks too.  This data was current at the time of publication, but it is not updated in real time here. If you want real time updates, or data on a different stock, please get one here Unlimited Real Time Reports.