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

June 23, 2024, 3:56 AM ET, BY Thomas H. Kee Jr. – Editor, Stock Traders Daily | Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer-term trading plans for MEG

• Buy MEG just above 40.16, target 49.1, stop loss at 40.04 details

The technical summary data tells us to buy MEG at 40.16 with an upside target of 49.1. This data also tells us to set a stop loss at 40.04 to protect ourselves from excessive losses in case the stock starts moving against the trade. 40.16 is the first support level below 46.33 and according to the rule, any test of the support level is a buy signal. In this case, the support at 40.16 is tested, a buy signal would be present.

• Short MEG just below 49.1, target 40.16, stop loss at 49.24 details

The technical summary data suggests a short of MEG as it approaches 49.1, with a downside target of 40.16. However, we should place a stop loss at 49.24. 49.1 is the first resistance level above 46.33, and any test of resistance is basically a short signal. In this case, a short signal would be present if the 49.1 resistance is tested.

Swing trading plans for MEG

• Buy MEG just above 46.37, target 49.2, stop loss at 46.24 details

If 46.37 starts to rise, the technical summary data tells us to buy MEG just above 46.37, with an upside target of 49.2. The data also tells us to set a stop loss at 46.24 in case the stock turns against the trade. 46.37 is the first resistance level above 46.33, and any break above resistance is usually a buy signal. In this case, 46.37, 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 MEG close to 46.37, target 40.16, stop loss at 46.5. details

The technical summary data suggests a short of MEG if it tests 46.37 with a downside target of 40.16. However, we should place a stop loss at 46.5 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 46.37 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 MEG

• Buy MEG just above 46.37, target 48.27, stop loss at 46.26 details

If 46.37 starts to rise, the technical summary data tells us to buy MEG just above 46.37, with an upside target of 48.27. The data also tells us to set a stop loss at 46.26 in case the stock turns against the trade. 46.37 is the first resistance level above 46.33, and any break above resistance is usually a buy signal. In this case, 46.37, 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 MEG close to 46.37, target 46.11, stop loss at 46.48. details

The technical summary data suggests a short of MEG if it tests 46.37 with a downside target of 46.11. However, we should place a stop loss at 46.48 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 46.37 is tested. 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 Montrose Environmental Group Inc. (MEG) available here: MEG.

MEG Ratings for June 23:

AI-generated signals for MEG

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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 Montrose Environmental Group Inc. The data table (NYSE:MEG) below can help you with the price action and we also have more details. Trading plans for MEG are also displayed here; these plans are updated in real-time for subscribers, this report is static. If you want an update or report on another stock, you can get it here: Unlimited Real-Time Reports.