Trading Fam,
Not getting many long signals from my indicator these days. When I do, I pay attention. In this case, I’ve received two long signals on the same stock. Though I am currently only short (and in the profit on both: TSLA and PLTR), I’ve decided to enter here long on Comcast. My indicator rarely fails me when it signals on these high MC/high vol. stocks. So, I will listen.
On the technical side, I am seeing a nice trendline, which, if my indicator is correct, we will break to the upside soon. It should at least fill that recent gap down and hit the 50 SMA fairly quickly. It may be worth taking some profit at that point and raising stops to break even. I expect we’ll hit our heads on that 50 SMA and draw back for a day or two at least, while we wrestle around with it for a little. And then, should we break to the upside, we’ll move quickly. My final target may even be set too low at this point. I am trading cautiously. But we could tag the underside of that 200 SMA in red before buying subsides to some degree. I’ll probably leave a little on the table for this scenario while trailing my stops up as I grab profit.
The conservative target is around $30 with a SL at around $25.50 for a 2:1 rrr. Setting a final target of that 200 SMA would increase your rrr to 5:1 with a potential profit of 23%.
✌️Stew