Down to a Runner; Chess Moves
With the stock continuing to squeeze, I sold another piece of my X long here at $27.58 from my $25.40 entry yesterday to scale more gains.
I am now down to about 25% of my original position size with a stop at my entry to protect the win.
As tempting as it is to press for a higher move, the fact remains that the energy, materials, and steels are all still in overarching downtrends and not technically out of the woods, just yet.
As you can see, the stock keeps pushing higher but remains up through the daily upper Bollinger Band, indicative of short-term quite overbought conditions now.