Seems like the next leg up has begun. Similar to the previous time, downward trend was stopped at the support line at the same amount of days and decline. The next ride will be up.
Nice! Does it look like it is still trending. Bullish as well
jajlouny
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@Ayohan, I think it has stagnated temporarily. But, it seems to have hit a strong floor of support. Waiting for news or something to spur the breakout. So seems like a pretty safe investment at this point. Earnings are in a couple weeks. I'd say strong buy.
darshitkt
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@jajlouny, I agree. My avg is 6.4 and trying to find position for further lows but it has been pretty much stagnated. Holding strong despite the downgrade by UBS. I would give it a few days and could see some action
jajlouny
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@darshitkt, very solid avg. Mine is around 7.15. UBS is doing it's best to help, but I really don't think it's budging much more. Extremely good value right now for anyone @ 6.4. I know people who own this with avg at $16 a share.
darshitkt
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@jajlouny, Agreed. Planning to add more if it reaches 6. If not holding it longer term. No loss here and I think it'll go further long. Have you looked at JWN (Nordstorm)? Seems it's forming a base and could be a good add here and hold it through the COVID recovery phase.
jajlouny
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@darshitkt, Yup! M and JWN are my two long positions right now actually. I have been transitioning my portfolio from AMZNTSLA and QQQ into these two positions, which now make up a significant majority of my portfolio. Holding them long, but also starting to do some swing trading with smaller positions, as there seems to be some consistent patterns developing between support/resistance levels. But for the most part, I am in both of these stocks long and not planning on touching them, possibly even into 2021.
darshitkt
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@jajlouny, I have been holding Macys, GE, F and RL for a longerterm view (I've charts on those if you would want to refer to) but do plan on doing swings based on teh option movements.