When (RS) Moves Investors should Listen

August 21, 2024, 20:48 pm ET, BY Rick W.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for RS

• Buy RS slightly over 279.55 target 305.76 stop loss @ 278.74 Details

The technical summary data tells us to buy RS near 279.55 with an upside target of 305.76. This data also tells us to set a stop loss @ 278.74 to protect against excessive loss in case the stock begins to move against the trade. 279.55 is the first level of support below 283.35 , and by rule, any test of support is a buy signal. In this case, support 279.55 would be being tested, so a buy signal would exist.

• Short RS slightly under 305.76, target 279.55, stop loss @ 306.64 Details

The technical summary data is suggesting a short of RS as it gets near 305.76 with a downside target of 279.55. We should have a stop loss in place at 306.64though. 305.76 is the first level of resistance above 283.35, and by rule, any test of resistance is a short signal. In this case, if resistance 305.76 is being tested, so a short signal would exist.

Swing Trading Plans for RS

• Buy RS slightly over 305.76, target 332.75, Stop Loss @ 304.88 Details

If 305.76 begins to break higher, the technical summary data tells us to buy RS just slightly over 305.76, with an upside target of 332.75. The data also tells us to set a stop loss @ 304.88 in case the stock turns against the trade. 305.76 is the first level of resistance above 283.35, and by rule, any break above resistance is a buy signal. In this case, 305.76, 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 RS slightly near 305.76, target 282.01, Stop Loss @ 306.64. Details

The technical summary data is suggesting a short of RS if it tests 305.76 with a downside target of 282.01. We should have a stop loss in place at 306.64 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, 305.76, 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 RS

• Buy RS slightly over 305.76, target 332.75, Stop Loss @ 305.05 Details

If 305.76 begins to break higher, the technical summary data tells us to buy RS just slightly over 305.76, with an upside target of 332.75. The data also tells us to set a stop loss @ 305.05 in case the stock turns against the trade. 305.76 is the first level of resistance above 283.35, and by rule, any break above resistance is a buy signal. In this case, 305.76, 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 RS slightly near 305.76, target 282.01, Stop Loss @ 306.47. Details

The technical summary data is suggesting a short of RS if it tests 305.76 with a downside target of 282.01. We should have a stop loss in place at 306.47 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, 305.76, 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  Reliance Steel & Aluminum Co. (de) (RS) available here: RS.

RS Ratings for August 21:

Term →	Near	Mid	Long
Rating	Neutral	Weak	Strong
P1	0	0	279.55
P2	278.29	276.47	305.76
P3	281.22	282.01	332.75

AI Generated Signals for RS

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