How we can use the (RS) price action to our advantage

June 29, 2024, 6:08 AM ET, BY Momei – Staff Writer, Stock Traders Daily | Editor: Thomas H. Kee Jr. (Follow us on LinkedIn)

Longer-term trading plans for RS

• Buy RS just above 281.33, target 306.35, stop loss at 280.52 details

The technical summary data tells us to buy RS at 281.33 with an upside target of 306.35. This data also tells us to set a stop loss at 280.52 to protect ourselves from excessive losses in case the stock starts moving against the trade. 281.33 is the first support level below 285.6, and any test of support is usually a buy signal. In this case, support at 281.33 would be tested, so a buy signal would be present.

• Short RS just below 306.35, target 281.33, stop loss at 307.23 details

The technical summary data suggests a short of RS as it approaches 306.35, with a downside target of 281.33. However, we should place a stop loss at 307.23. 306.35 is the first resistance level above 285.6, and any test of resistance is usually a short signal. In this case, a short signal would be present if the 306.35 resistance is tested.

Swing Trading Plans for RS

• Buy RS just above 306.35, target 332.09, stop loss at 305.47 details

If 306.35 starts to rise, the technical summary data tells us to buy RS just above 306.35, with an upside target of 332.09. The data also tells us to set a stop loss at 305.47 in case the stock turns against the trade. 306.35 is the first resistance level above 285.6, and any break above resistance is usually a buy signal. In this case, 306.35, the initial resistance, would move up, so a buy signal would be present. Since this plan is based on a break of resistance, it is called a Long Resistance Plan.

• Short RS just near 306.35, target 284.43, stop loss at 307.23. details

The technical summary data suggests a short of RS if 306.35 is tested with a downside target of 284.43. However, we should place a stop loss at 307.23 in case the stock starts moving against the trade. Any test of resistance is basically a short signal. In this case, a short signal would be present if the resistance 306.35 is tested. Since this plan is a short plan based on a test of resistance, it is called a short resistance plan.

Day trading plans for RS

• Buy RS just above 306.35, target 332.09, stop loss at 305.64 details

If 306.35 starts to rise, the technical summary data tells us to buy RS just above 306.35, with an upside target of 332.09. The data also tells us to set a stop loss at 305.64 in case the stock turns against the trade. 306.35 is the first resistance level above 285.6, and any break above resistance is usually a buy signal. In this case, 306.35, the initial resistance, would move up, so a buy signal would be present. Since this plan is based on a break of resistance, it is called a Long Resistance Plan.

• Short RS just near 306.35, target 284.43, stop loss at 307.06. details

The technical summary data suggests a short of RS if 306.35 is tested with a downside target of 284.43. However, we should place a stop loss at 307.06 in case the stock starts moving against the trade. Any test of resistance is usually a short signal. In this case, a short signal would be present if resistance is tested at 306.35. Since this plan is a short plan based on a test of resistance, it is called a short resistance plan.

Check the timestamp of this data. Updated AI-generated signals for Reliance Steel & Aluminum Co. (de) (RS) available here: RS.

RS Ratings for June 29:

AI-generated signals for RS

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Our task as #Investors is to pay attention to the #stocks we own. Part of that is looking at the #fundamentals, but half of the disclosure comes from looking at price action. The Reliance Steel & Aluminum Co. (de) The data table (NYSE:RS) below can help you with the price action and we have more details as well. Trading plans for RS are also displayed here; these plans are updated in real-time for subscribers, where this report is static. If you want an update or report on another stock, you can get it here: Unlimited Real-Time Reports.