Apr 12, 2020 (Stock Traders Daily via COMTEX) -- The Spdr Consumer Staples Select /zigman2/quotes/200697959/composite XLP -0.92% update and the technical summary table below can help you manage risk and optimize returns. We have day, swing, and longer-term trading plans for XLP, and 1300 other stocks too, updated in real time for our trial subscribers . The data below is a snapshot, but updates are available now.
The Technical Summary and Trading Plans for XLP help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this XLP Report.
The technical summary data tells us to buy XLP near 56.83 with an upside target of 61.56. This data also tells us to set a stop loss @ 56.57 to protect against excessive loss in case the stock begins to move against the trade. 56.83 is the first level of support below 58.13 , and by rule, any test of support is a buy signal. In this case, support 56.83 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of XLP as it gets near 61.56 with a downside target of 56.83. We should have a stop loss in place at 61.82 though. 61.56 is the first level of resistance above 58.13, and by rule, any test of resistance is a short signal. In this case, if resistance 61.56 is being tested, so a short signal would exist.