Good Afternoon Traders,
As you should know, I hit my PT2 level in STT this morning at 70.50 and made a sale of 1/3 of the position. Normally, I would of sold the balance BUT STT is giving me a new level of profit to gauge in the coming days to weeks. So we will maximize the gains and trail the stop on the last 1/3 of this trade.
The daily chart of STT shows you why I will look for another leg up to the next PT target (PT3). I will average the PT2 and PT3 sales if I should hit PT3 since my sheets only use twp profit points. See my “Decision Making” tab.
STT has based from 68.25 to 70 the past 2 weeks.
- STT broke out from the larger base last month and has held up post EPS.
- The PT1 and PT2 levels were hit in each case after some rest and then momentum came back into the stock.
- The $SPX shows no real signs of failing anytime soon.
- The green arrows are PT1,PT2 and PT3. We hit PT1 and PT2 already.
- The yellow circle is the projected next level
- The RSI is showing signs of a pure clean break of the 70 level. Momentum play now !
I will continue to let this stock run its course as we maximize the profits under very low risk since we already booked two good sales.