RE:PAUSEWell as it turns out, the sell was a decent enough call. While I figured the stock would retrace, I am a little suprised how much it has retraced already. As some point, I would like to buy, as I do think there is more upside, but we'll have to see what that buy point is.
Right now the stock is testing support at about $28.68, this being the second test now today. There is some pretty clearly defined support at this level, but if it breaks down, then only mild support showing at about $28.45, with the next significant support at $28,00
The stock, and how it trades, is definitely interesting. Lately it has not tracked the rises in the U.S. airlines to the same extent, which was only ever frustrating. But then on the downside it often moved in tandem. (also frustrating.). Today was a little different, with AC actually down significantly more than the U.S. airlines, but for the most part, they've now caught up to AC's decline.
For myself, all I can do is follow the rules and engage the charts that I use. Eventually, they'll trigger a signal to buy. Maybe lower, maybe higher...won't know until the moment presents itself. Best wishes to all. Retracements come. Retracements go. It's not necessarily a bad sign, rather, a hopefully temporary annoyance on the way to further gains.
Starsearcher80 wrote: I made the decision to sell today up in the $30.70 range, this from a hold from about $23.00. AC has been good to me. First run from $11-$18, then $16 to $27, and now this one $23-30.70
So why sell now? First of all, for the investors out there, I have no doubt the stock will be moving higher. I'm not an investor, and work generally in shorter time frames. If I have opportunity to circle around, I'll do that.
AC over the past few weeks has certainly had a really nice extended run. It's normal for stocks to pause at various points, and/or retrace, if only to gain strength for what will hopefully be another leg up.
More than AC specific concerns, the overall market is getting toppish, and it makes me nervous. That, and in the short term the U.S. is doing their last kick at the moronic can, lifting mask regulations all over the place, and going back to no restrictions. Just look at the Spring break parties going on. This is truly dumber than dumb, and with the Variants now accounting for about 40% of new cases, I fear there is going to be one horrible surge before vaccines can truly kick in.
Italy just did a country-wide lockdown because of the variants surging, and they aren't dumb anywhere near what the U.S. is deomstrating.
For the investors, ths too will eventually pass. For myself, working in the the shorter time frames, it's just something I can't ignore. Best to all whatever your timeframe is.