I should have bought it yesterday, but there were too many choices, so I didn’t. Today, despite the weak broader market, the stock showed relative strength and held up well. Its price action also resembled Strategy 1, so I entered the position.
Positives
- Price is above the 10, 20, 50, and 200 moving averages
- The stock broke through a key resistance level.
Negatives
- Did not close near intraday high
- MACD is at negative zone
- There is another resistance level ahead.
- Major indices are showing weakness
Trade Plan
- Stop loss: Intraday low
- Target: $238.92
