When the Price of Proshares Ultrashort Bloomberg $SCO Talks, People Listen
October 19, 2023, 22:45 pm ET, BY John- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
Longer Term Trading Plans for SCO
- 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 SCO slightly under 17.15, target n/a, stop loss @ 17.2 Details
The technical summary data is suggesting a short of SCO as it gets near 17.15, 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 17.2. 17.15 is the first level of resistance above 16.03, and by rule, any test of resistance is a short signal. In this case, if resistance 17.15 is being tested, so a short signal would exist.
Swing Trading Plans for SCO
- Buy SCO slightly over 16.08, target 17.15, Stop Loss @ 16.03 Details
If 16.08 begins to break higher, the technical summary data tells us to buy SCO just slightly over 16.08, with an upside target of 17.15. The data also tells us to set a stop loss @ 16.03 in case the stock turns against the trade. 16.08 is the first level of resistance above 16.03, and by rule, any break above resistance is a buy signal. In this case, 16.08, 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 16.08, target n/a, Stop Loss @ 16.13. Details
The technical summary data is suggesting a short of SCO if it tests 16.08 with a downside target of n/a. We should have a stop loss in place at 16.13 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, 16.08, 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 16.08, target 16.37, Stop Loss @ 16.04 Details
If 16.08 begins to break higher, the technical summary data tells us to buy SCO just slightly over 16.08, with an upside target of 16.37. The data also tells us to set a stop loss @ 16.04 in case the stock turns against the trade. 16.08 is the first level of resistance above 16.03, and by rule, any break above resistance is a buy signal. In this case, 16.08, 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 16.08, target 15.78, Stop Loss @ 16.12. Details
The technical summary data is suggesting a short of SCO if it tests 16.08 with a downside target of 15.78. We should have a stop loss in place at 16.12 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, 16.08, 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 (SCO) available here: SCO.
SCO Ratings for October 19:
| Term → | Near |
Mid |
Long |
|---|
| Rating |
Weak |
Strong |
Weak |
| P1 |
0 |
0 |
17.15 |
| P2 |
15.78 |
16.08 |
20.40 |
| P3 |
16.37 |
17.84 |
24.22 |
AI Generated Signals for SCO
Blue = Current Price
Red= Resistance
Green = Support
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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 (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.
Fundamental Charts for SCO:
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