(BITS) Trading Signals

October 31, 2024, 04:18 am ET, BY Momei- Contributor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for BITS

• Buy BITS near 72.28 target 83.01 stop loss @ 72.07 Details

The technical summary data tells us to buy BITS near 72.28 with an upside target of 83.01. This data also tells us to set a stop loss @ 72.07 to protect against excessive loss in case the stock begins to move against the trade. 72.28 is the first level of support below 75.69 , and by rule, any test of support is a buy signal. In this case, support 72.28 is being tested, a buy signal would exist.

• Short BITS slightly under 83.01, target 72.28, stop loss @ 83.25 Details

The technical summary data is suggesting a short of BITS as it gets near 83.01 with a downside target of 72.28. We should have a stop loss in place at 83.25though. 83.01 is the first level of resistance above 75.69, and by rule, any test of resistance is a short signal. In this case, if resistance 83.01 is being tested, a short signal would exist.

Swing Trading Plans for BITS

• Buy BITS slightly over 78.06, target 83.01, Stop Loss @ 77.83 Details

If 78.06 begins to break higher, the technical summary data tells us to buy BITS just slightly over 78.06, with an upside target of 83.01. The data also tells us to set a stop loss @ 77.83 in case the stock turns against the trade. 78.06 is the first level of resistance above 75.69, and by rule, any break above resistance is a buy signal. In this case, 78.06, 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 BITS slightly near 78.06, target 75.52, Stop Loss @ 78.29. Details

The technical summary data is suggesting a short of BITS if it tests 78.06 with a downside target of 75.52. We should have a stop loss in place at 78.29 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, 78.06, 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 BITS

• Buy BITS slightly over 77, target 78.06, Stop Loss @ 76.82 Details

If 77 begins to break higher, the technical summary data tells us to buy BITS just slightly over 77, with an upside target of 78.06. The data also tells us to set a stop loss @ 76.82 in case the stock turns against the trade. 77 is the first level of resistance above 75.69, and by rule, any break above resistance is a buy signal. In this case, 77, 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 BITS slightly near 77, target 75.52, Stop Loss @ 77.18. Details

The technical summary data is suggesting a short of BITS if it tests 77 with a downside target of 75.52. We should have a stop loss in place at 77.18 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, 77, 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 Global X Blockchain & Bitcoin Strategy Etf (BITS) available here: BITS.

BITS Ratings for October 31:

Term →	Near	Mid	Long
Rating	Strong	Strong	Strong
P1	0	0	62.77
P2	77	75.52	72.28
P3	79.14	78.06	83.01

AI Generated Signals for BITS

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Warning:

This is a static report, the data below was valid at the time of the publication, but support and resistance levels for BITS 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 BITS 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 BITS too.  All of these are offered below the Summary Table.