Hi everyone, welcome back! Let’s look at some charts.
This could be the start of a larger pullback, but my guess is this pullback won’t last very long. If we drop down to or near the 350-360 zone, then we can buy the dip.
SPY daily chart below. Key level to watch is still in the 355-365 area (5-7% lower from here).
Daily chart of XPEV below. I exited my swing trade roughly a week after buying (bought at 45.4 and sold at 52). It made a ~2% profit on my account, and I’m glad I got out before we had this pullback.
I’m looking to rebuy somewhere in the 37.5 – 45 support zone, but may enter sooner if we get buying pressure. This would turn the trade into a momentum play, much like the previous XPEV trade.
Lastly, MRO is at the top of it’s trading range, so I’m thinking of trimming my position by 25% by selling my shares in my Roth IRA. My average is slightly above 3.5 so it has been quite a lucrative trade so far. The original plan was to sell in the 11-12 range, but it hasn’t quite been a year yet and I prefer waiting another 2 months to pay long term capital gains taxes instead.
MRO daily chart below:
See you at the next post!