November 3, 2024, 7:52 AM ET, BY Simon M.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer term trading plans for NVO

• NO. Details

There is currently no support plan in place to trigger a purchase of this stock. This usually means that there are no clear support levels at the moment, so buying stocks as they fall could be considered like catching a falling knife. Buy signals only exist when resistance moves higher.
This is often a signal that the stock you are watching is weak. Waiting for a higher turn can be more intelligent than trying to catch a falling knife. Regardless, new support levels are typically revised in the database at the start of the next trading session.

• Short NVO just under 122.35, target N/A, stop loss @ 122.7 Details

The technical summary data suggests a shortfall in NVO as it approaches 122.35, but the downside target is not available from the current data. This tells us to hold that position if it is activated until a new downside target is established (updates occur at the start of each trading session) or until the position is stopped. The summary data tells us that a stop loss has been set at 122.7. 122.35 is the first resistance level above 111.94, and as a rule any resistance test is a short signal. In this case, if resistance 122.35 is tested, a short signal would exist.

Swing trading plans for NVO

• Buy NVO just above 122.35, target 136.58, Stop Loss @ 122 Details

If 122.35 starts to move higher, the technical summary data tells us to buy NVO just above 122.35, with an upside target of 136.58. The data also tells us to set a stop loss @ 122 in case the stock turns against the trade. 122.35 is the first resistance level above 111.94, and as a rule, any break above resistance is a buy signal. In this case, 122.35, the initial resistance, would break higher, creating a buy signal. Because this plan is based on breaking through resistance, it is called a Long Resistance Plan.

• Short NVO something near 122.35, target 111.51, Stop Loss @ 122.7. Details

The technical summary data suggests a shortfall in NVO as it tests 122.35 with a downside target of 111.51. However, we should have a stop loss at 122.7 in case the stock starts moving against the trade. As a rule, each resistance test is a short signal. In this case, if resistance, 122.35, is tested, a short signal would occur. Because this plan is a short plan based on a resistance test, it is called a Short Resistance Plan.

Day trading plans for NVO

• Buy NVO just above 112.67, target 122.35, Stop Loss @ 112.41 Details

If 112.67 starts to move higher, the technical summary data tells us to buy NVO just above 112.67, with an upside target of 122.35. The data also tells us to set a stop loss @ 112.41 in case the stock turns against the trade. 112.67 is the first resistance level above 111.94, and as a rule, any break above resistance is a buy signal. In this case, 112.67, initial resistance, would break higher, so a buy signal would exist. Because this plan is based on breaking through resistance, it is called a Long Resistance Plan.

• Short NVO something near 112.67, target 111.51, Stop Loss @ 112.93. Details

The technical summary data suggests a shortfall in NVO as it tests 112.67 with a downside target of 111.51. However, we should have a stop loss at 112.93 in case the stock starts moving against the trade. As a rule, each resistance test is a short signal. In this case, if resistance, 112.67, is tested, a short signal would occur. Because this plan is a short plan, based on a resistance test, it is called a Short Resistance Plan.

Check the time stamp on this data. Updated AI-generated signals for Novo Nordisk A/s (NVO) available here: NVO.

NVO ratings for November 3:

AI-generated signals for NVO

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This report was produced using AI developed by Stock Traders Daily. Over the past twenty years, this proprietary AI has been refined to help identify the most appropriate trading strategies for both individual stocks and the stock markets themselves. This methodology is also applied to index options, ETFs and futures. The purpose of this specific report is to optimize trading Novo Nordisk A/s (NYSE: NVO) while building in prudent risk controls.

Warning:

This is a static report. The data below was valid at the time of publication, but the support and resistance levels for NVO change over time, so the report should be updated regularly. Real-time updates are provided to subscribers. Unlimited real-time reports.

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Instructions:

The rules that apply to the data in this report are the rules of technical analysis. For example, if NVO is testing support, buy signals emerge and resistance is the target. Conversely, if resistance is tested, it is a sign that risk is under control or a short position exists, and support would be the downside target accordingly. In any case, the trigger point is designed to be both an ideal place to enter a position (to avoid trading in the middle of a trading channel), but also acts as a level of risk control.

Swing trades, day trades and longer term trading plans:

This data has been refined to distinguish Day Trading, Swing Trading and Long Term Investing plans for NVO trading plans as well. These are all offered below the overview table.