First in full disclosure, I started a small position in this name today.
Despite having a downgrade today, the price is improving. As noted on the chart, CVS has been in a downtrend since December of 2022. It looks to have broken out today. In addition, we have 3 short-term MA’s turning up which also makes a good stop loss area. Volume has just been so so but if you look at the bottom of the chart you will notice that we have a rising MACD signal. And we have a nice, rounded bottom. I’ll look to add to my position if it can continue to improve in price. All TBD. Ideas, not investing / trading advice.
Despite having a downgrade today, the price is improving. As noted on the chart, CVS has been in a downtrend since December of 2022. It looks to have broken out today. In addition, we have 3 short-term MA’s turning up which also makes a good stop loss area. Volume has just been so so but if you look at the bottom of the chart you will notice that we have a rising MACD signal. And we have a nice, rounded bottom. I’ll look to add to my position if it can continue to improve in price. All TBD. Ideas, not investing / trading advice.
Note
Wow, just 5 minutes after posting this big sell orders hit the tape. I will follow my plan and hold unless we close under the 20 EMA. This could very easily be a false breakout... all TBD.Trade closed manually
This is not acting well so I have decided to exit the trade and look at it again next week. I'm out at a $0.03 loss per share.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.