AGU remains my only current open position, and it has been somewhat stagnant since triggering a buy for me early last week. The initial push through the trend line took the stock to a new high, but since then it has struggled to produce any follow through. The broad market has indeed suffered, and by that measure this stock has actually held up pretty well.
In reviewing the price action today (although the trading session isn’t yet over), the stock is up again and now faces another similar trend line to that which I noted almost two weeks ago – the one which was the basis for my original trade. This is a bullish appearance and creates a new setup, which I’m encouraged by.
Some may wonder if I plan to add to my existing position if the most recent trend line gets cleared (near $106), and the answer is no. The reason why is not that I don’t like the setup, but simply that my current position isn’t working well enough to warrant an add. Had this stock rallied better and shown some stronger follow through and then based again, then I might consider an add. However, it’s just been flip-flopping around my entry zone so I do not plan to add.
The ideal scenario would be that this setup now pops up on the radar of more market participants and generates some better interest. That may finally produce the move I’ve been looking for.
Just wanted to keep you posted on this stock and my thoughts on it with a look at today’s chart!
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