Very heavy buying despite soft market this morning and near yearly highs, strong ADX and uptrending EMA's, RSI etc, off set against a short if necessary.
Days ago we commented on the possibility of a pull back of MO to the $50 a level at which to open a short strategy playing the HS pattern. Today was the day to activate this strategy. The stop loss is shown on the graph as well as the expected target.
Very impressive HS pattern with projection below $42. If I had Altria in my portfolio I would have already sold it.
Sold half my position in MO @ 51.50 because it reached over 100% gain. Now I will be playing with the house's money. Keep those dividends coming. This stock is parked in my IRA acct. I had a set and forget strategy on this because I have no use for IRA funds at this time. I didn't mind waiting it out while the company, stock, and the dividend grew, but i think now...
Line of resistance turned into support line.