Trend Tracker for (ERX)

October 21, 2024, 10:32 am ET, BY Neal- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for ERX

• Buy ERX near 57.42 target 65.05 stop loss @ 57.25 Details

The technical summary data tells us to buy ERX near 57.42 with an upside target of 65.05. This data also tells us to set a stop loss @ 57.25 to protect against excessive loss in case the stock begins to move against the trade. 57.42 is the first level of support below 62.53 , and by rule, any test of support is a buy signal. In this case, support 57.42 would be being tested, so a buy signal would exist.

• Short ERX slightly under 65.05, target 57.42, stop loss @ 65.24 Details

The technical summary data is suggesting a short of ERX as it gets near 65.05 with a downside target of 57.42. We should have a stop loss in place at 65.24though. 65.05 is the first level of resistance above 62.53, and by rule, any test of resistance is a short signal. In this case, if resistance 65.05 is being tested, so a short signal would exist.

Swing Trading Plans for ERX

• Buy ERX slightly over 63.72, target 65.05, Stop Loss @ 63.54 Details

If 63.72 begins to break higher, the technical summary data tells us to buy ERX just slightly over 63.72, with an upside target of 65.05. The data also tells us to set a stop loss @ 63.54 in case the stock turns against the trade. 63.72 is the first level of resistance above 62.53, and by rule, any break above resistance is a buy signal. In this case, 63.72, 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 63.72, target 60.87, Stop Loss @ 63.9. Details

The technical summary data is suggesting a short of ERX if it tests 63.72 with a downside target of 60.87. We should have a stop loss in place at 63.9 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, 63.72, 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 63.72, target 65.05, Stop Loss @ 63.57 Details

If 63.72 begins to break higher, the technical summary data tells us to buy ERX just slightly over 63.72, with an upside target of 65.05. The data also tells us to set a stop loss @ 63.57 in case the stock turns against the trade. 63.72 is the first level of resistance above 62.53, and by rule, any break above resistance is a buy signal. In this case, 63.72, 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 63.72, target 62.31, Stop Loss @ 63.87. Details

The technical summary data is suggesting a short of ERX if it tests 63.72 with a downside target of 62.31. We should have a stop loss in place at 63.87 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, 63.72, 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 October 21:

Term →	Near	Mid	Long
Rating	Weak	Strong	Neutral
P1	0	0	57.42
P2	60.45	60.87	65.05
P3	62.31	63.72	72.8

AI Generated Signals for ERX

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The data for Direxion Daily Energy Bull 2x Shares (NYSE: ERX) herein utilizes proprietary algorithms produced by Stock Traders Daily and refined since the turn of the century.

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.