Don't get me wrong, overall I am bullish on this stock. Coming up, however, we are due for a correction from a market driven largely by news / media. Check the financials.
Keep in mind everything from 1/28 -> on could be artificial movement due to Kramer calling it out on TV. I would expect quite a big profit taking coming up, wouldn't be surprised by a drop of 38% from current rise ($14 price), or even more, before the strong resistance kicks in. I love this stock (bought in at $7.62 / pre Altria) but all rides up have their downs.
2 things to look at on longer charts. 1D, and 1W. Developing rising wedge - unavoidable from recent news attention. Bearish Divergence seen in the RSI. Overbought, and decreasingly so. My sell limit is at a conservative $20. However, it may be reasonable to expect a $22-24 price before the correction.
I have charted a Fib Retrace from current low, expecting a 38% profit taking. Keep in mind, if the price goes > $19.50, the Fib Retrace needs to be adjusted for newer buy targets. Currently, I am looking at nice round numbers of $14 (best estimate), $12, or $10 (least likely). At least we have our Resistance levels marked, if there is a correction.
Keep in mind everything from 1/28 -> on could be artificial movement due to Kramer calling it out on TV. I would expect quite a big profit taking coming up, wouldn't be surprised by a drop of 38% from current rise ($14 price), or even more, before the strong resistance kicks in. I love this stock (bought in at $7.62 / pre Altria) but all rides up have their downs.
2 things to look at on longer charts. 1D, and 1W. Developing rising wedge - unavoidable from recent news attention. Bearish Divergence seen in the RSI. Overbought, and decreasingly so. My sell limit is at a conservative $20. However, it may be reasonable to expect a $22-24 price before the correction.
I have charted a Fib Retrace from current low, expecting a 38% profit taking. Keep in mind, if the price goes > $19.50, the Fib Retrace needs to be adjusted for newer buy targets. Currently, I am looking at nice round numbers of $14 (best estimate), $12, or $10 (least likely). At least we have our Resistance levels marked, if there is a correction.
Comment:
Nailed it! Sold at $24, bought back at $13. Game on.
