Traders,
Though, we didn’t reach my final target, new factors have turned up on my chart, and new geopolitical situations have surfaced, which have caused me to decide to sell the remainder of my position in UMAC. We’ve turned a solid 45% profit on this trade, and I won’t press my luck any further. Let me explain.
First of all, obvious geopolitical situations are at the forefront of the news, driving up FUD. We have the No King’s Day protests occurring here in the U.S. over the weekend. And Israel has attacked Iran. With the world at the brink of war, the market is at risk of potential collapse at any time. We can’t let fear control us, but we certainly can take a hint from her every now and then. And that’s all we’re doing here.
From a technical perspective, UMAC reached a very important line of resistance on our chart. I have the 4 hr chart printed above. Not only this, but my indicator has given us a signal to sell. Adding all of these factors together, plus the fact that we have already banked a solid 45% profit on this trade, it becomes clear to me that we should sell here and look to re-enter at a lower price if that opportunity avails itself. I would say $6.40 would be a great place to start your DCA back in if you are looking to do so.
Congrats to all those who followed me in on this trade! We are doing well in the stock space.
Stew