Did I misread something. You stated you pared back your position. I am just confirming that because this looks set to run to $2 and if it breaks above $2.15 she'll run big time. So I am thinking of getting in here on Monday as we had a great weekly close today. Thoughts?
Glad you asked for clarification..
Our official stance on CPST is that if, like us, you bought it when we first recommended in the $1.20's then the $1.70's would be a great area to perhaps take up to 75% of your profits.
Although CPST has favorable news and no doubt been showing nice momentum, I'm concerned about some negative divergence signals on indicators like MACD, Stochs and RSI..to name just a few.
So, as usual, we still have 25% left from the earlier buys that we'll hold onto for that nice run.
But if you do decide to buy at this level, just be aware that should it falter, it could get very ugly. We've seen it with this one.
And lastly, if we see an opportunity to add to our position in CPST next week, we'll call it out.
But right now, our only recommendation on this one is it's a nice area to take profits should that be an option.
Hope this helps..
ST, I did not buy it as I just started with you so it would be a new purchase. I will wait for your call on this. Been following CPST for years though. Never actually bought it. Thanks. TP
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