Many factors, mostly having to do with support

Posted on: January 3, 2020 at 12:52:19 CT

...on the daily charts. Price had checked back to the point of several previous daily highs (one of which was a point to which it had gapped down back in May), to the 13 day moving average, and to a rising trend line. MFI (a volume weighted RSI) was rising. The weekly chart looked a bit like an inverted head and shoulders pattern to me, although price had not yet broken out. The price had gapped down from $150 and gaps like to be filled. Finally, I reasoned that it would not be the type of stock portfolio managers would like to show owning at year end, but would buy back in the new year. So, while there was some resistance overhead, also, I thought it might break out with a lot of potential room to run with little additional resistance. If wrong, I'd bail out.

I entered only half a position, unfortunately, thinking I'd have more time to add to it. Now, I'll see how it looks toward the end of today and decide whether to take some profits.