LMT: A sell order at the 20-day SMA was triggered for a .92% ($4.20 / share) gain in 7 days. The RSI also fell below the 50 level. LMT closed above the 9-day SMA after wicking below that level, but has the potential for more upside. Since cost basis was above the 9, it was prudent to defend our gains.
ADBE gapped up to close at 392.23. We currently have a nice paper trade gain from the time this came on the watchlist so a stop limit for at least a part of the position would be prudent to harvest some gains while retaining a partial position in the event the stock continues to run up toward resistance.
SFM ran up to its 50-day SMA where it hit resistance to close at 32.63. Cost basis is 31.75 and the 9-day SMA (support) is currently .05 above that at 31.80. If price action can get above the 50 and become support, the next resistance will be at 33.67.
ED closed at 95.16 with a wide daily price action using the 9-day SMA as support and the 50-day SMA as resistance. The trend support and 9-day SMA are at the same level (which will be support) so limit any downside potential loses with stops.
WELL had a full candle close above the 200-day SMA at 76.27. Upper resistance is at 81.67. Watch to see if price action can remain above the 200. The 9-day will be support. WELL is currently trading down in pre-market.
The market has had a good run-up this week and we can expect some profit taking. The weekend is upon us so manage risk within your paper trade portfolios by defending gains and reducing the number of potential losses. Be patient and let the market work for you. We are playing small ball, looking for singles and doubles.
This information is provided for educational purposes and is not a recommendation to buy or sell a security.
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