Adding to my first position in 2017. Bought more HTZ on Thursday 1/12/17 @ 21.92 (see blue arrow) and have an average price of 22.26. Based on the opening price from 11/8/16 and December lows, there looks to be some support at 21. If it breaks below this level, cutting my losses and moving on. Targeting 24.50-25 to take profits, which represented support in mid to late November and a bit of resistance the first week in January. I believe the reward to risk ratio is in my favor at this point, risking about 1.30 to make 2.50. Let’s see how it plays out.
Sticking to my original plan, I closed out NH for a loss on Thursday 1/12/17 as it broke below December lows. December had a low of 9.61, so I set my stop at 9.55 with a limit at 9.50. Sure enough, the stop was triggered and I sold NH at 9.51, which turned out to be the LOW of the day on Thursday. Not only the low of the day, the 52 week low, and ALL TIME low for NH (see blue arrow). Brutal. Will continue to follow NH and hope to takeaway a lesson on setting more strategic stops.
Bought OLLI today at 29.45 a few minutes after the open based on continuation thru yesterdays high of 29.35. Below is the updated chart. From here, taking note of a few key levels. Targeting around 31.55 to take profits. Will consider buying more if OLLI dips down to about 28.50. Going to cut my losses if it breaks beneath recent lows around 27.75. But I do like that recent support was found at the same level as resistance from late October. I believe it will find support at that level if it pulls back again and this could be the next move up for the stock.
The stock OLLI has an interesting chart. Looks good for a possible long trade tomorrow. Today’s price action formed a bullish kicker signal, also in the oversold stochastic territory and traded up today 5.03% on above average volume (940k shares vs 10 day avg of 513k). OLLI closed today at 29.25 and had a high of 29.35. If OLLI could break and hold above 29.35 tomorrow, I’ll consider opening a partial long position in the range of 29.45-29.50.
1/10/17 update- Long OLLI at 29.45
Was long SWN from 12/23/16 using December lows as my stop and SWN broke down on 1/4/17 and had to sell for a loss. What a way to ring in the new year. Had SWN on watch from 12/21/16 and did not see continuation and new highs on the following day. Will think twice before getting involved in this such pattern in the future. Moving on to the next one.
Update- still holding NH from 12/13/16. Fascinated with the HUGE volume on 12/16/16. Wonder who was getting in? Over 4 million shares traded that day vs an average around 200k. In other news, NH to present at the JP Morgan Health Conference on 1/9/17 which is a potential catalyst that could cause volatility. Let’s wait and see. Using recent lows as a stop.
1/12/17 update- sold NH for a loss
Update on PX. Still holding from 11/8/16. Feel like I missed some good opportunities to sell above 124 in mid December. Chalk it up as a lesson learned to not get caught up in the fundamental hype of the stock- ie Praxair/Linde merger chatter. Once the merger was announced on 12/20/16 the stock PX was hit pretty hard. Fortunately has held above November lows which I am using as my stop. Stock is currently oversold and perhaps Friday’s trading session is the beginning of the bulls stepping back in.
Sold the balance of SUN on 1/4/17 at 22.54. Returned 19.8% overall from entry in December.
Added HTZ to watch on 1/3/17 (blue arrow) with a bullish candlestick pattern, oversold stochastic and ascending volume. Was looking for continuation on 1/4/17 and bought HTZ at 22.82 shortly after it broke through the 1/3/17 high of 22.68. From here, using December lows as a stop and will consider buying more if it dips down to the 21.80 area. Targeting around 25 to take profits.
1/12/17 update- bought more HTZ at 21.92
RPT looks interesting for a possible low risk long trade. Showing good support around 16. Bullish candlestick, oversold stochastic, rallied on high relative volume in Friday’s session. Could be back at December highs in a short amount of time.