Upon reading The Market Speculator's post on ANR, I did further research and similarly decided to enter the trade. My mental stop was a bit above the 50 Day Moving Average at $47.5. My R was 1.4.
I entered at $50.63/share and sold today at $57/share for a 12.58% profit.
It took a lot of "self-convincing" for me to sell this stock today because of its strong chart. But I wanted to secure some of my unrealized gains the market has generated in past few weeks. Additionally, this stock looked like the "weakest" in my portfolio. It's STO indicates that it's overbought. It looks like support is just under $55. But, I don't believe it can get back to oversold without dipping below $55.
I will be keeping an eye on this stock because it looks like a good stock to trade in and out of.
Ultimately, recent market consolidation day/s and what I just mentioned led to my decision to take profits.
*This was one of the trades I executed using the cash from my BA trade.
Labels: Featured Stocks, Finances