Bounce off 50 SMA
Updated
Working on my TA. Tested the 50 DMA today. Bounced and closed above. Failed break out of the wedge on the 28th; action likely due to the ex-dividend date of the 29th and some day traders taking advantage. Average volume and lots of sell side volume today it appears. Bought some shares today looking for a swing trade to the wedge resistance line of $338 and hopefully break up in the next 2 weeks.
Macro environment is bullish with China confrontation, bearish with likely budget cuts due to COVID-19.
Interested in knowing your thoughts.
Macro environment is bullish with China confrontation, bearish with likely budget cuts due to COVID-19.
Interested in knowing your thoughts.
Note
Took 25% off the table when we hit $339.75 today. We failed to break out of the wedge today, and the body of today's daily candle may be small enough to be a doji signaling reversal (reminder, I'm working on my TA. Will take constructive feedback.).
With that, being at the upper band of the wedge, and tomorrow being Friday, it would 'make sense' to see it drop tomorrow barring a market rally or macro impacts. I'll be watching for it to close above the 50 SMA which appears will be ~$329.
Trade closed: target reached
Friday's macro impact propelled us out of the wedge. I hit my target of $347.75 and closed out 50% of my position, left the last 25% of the position with a trailing stop loss that was triggered so I'm all out now. Sticking to my plan rather than the what-ifs, for better or worse, to build my trading discipline.
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