JJS issued another pocket pivot today. Note, the down day on 3/21 is actually not a distribution day because the stock closed near the top end of its range, and thus was only down a hair. Thus its biggest down volume day was on 3/23.
Commodities and commodity related ETFs as well as ETNs (exchange traded notes) often trade in wide, sloppier bands. Thus using a violation of the 50dma can be premature. The 65dma can be a better choice provided it has not exceeded your stop loss limits.
For those of you who did not buy JJS on the reports we sent out on 3/17 or 3/24, you could instead initiate a position here using a violation of the 65-day moving average as your stop. Since it is very close to the 65dma, the risk in initiating a position here is low. If you own a position, and your cost level is above where the stock closed, it is best not to add to your position since you dont want to average down.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.