A Keen Eye On Marriott

I last posted on the stock of MAR, a top performer of mine back in 2014, on the 21st of December 2016 when price had broken out of consolidation and through the all time high of 2015 at circa $85.

As can be expected and as seen on the daily time frame above, price pulled back to the round number support zone of $80 where price then bounced back in the direction of the bull trend. I mentioned in the previous blog on MAR that getting in too early on breakouts from long periods of consolidation can leave you open to fake breakouts and this is a good example. Patience is always a virtue in trading particularly as bull trends in stocks can remain in play for lengthy periods of time.

The bounce back up from $80 completed the cup and handle formation which, in a bull trend, is a continuation pattern once confirmed. This week has seen just that with price breaking out and pushing on to $90 round number resistance.

A break and close above this level will offer an entry point for the more aggressive trader. This is, of course, if your risk allocation allows you to. In a bull market, there will be a plethora of opportunities to take advantage of but you still want to apply the risk management rules of your trading plan, a topic for a future blog post of mine. The more conservative trader will wait for price to clear $100. This will also allow current open positions on other stocks the time to move into profit before adding new stocks to the portfolio.

Patience for now, both for new positions and compounds if you are already in this.

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Call To Action

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Smart trading!

Zaheer Anwari

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