Last week, I picked up a few shares of Agrium when it appeared to have broken out of its down trend. Well yesterday, AGU-T hit an obvious resistance point of around $75 that it couldn't pass through with any real conviction.
The quick move to the upside yesterday triggered my sell order.
While I still believe Agrium could go higher, I couldn't resist taking profits at such an obvious resistance point and lock-in a nice gain. In the very short-term, it looks like I made a wise choice. But when it comes to the longer term horizon, I've been wrong many times before. It's a great stock in a hot sector so we'll see what the markets bring us next week. Hopefully, they'll give me an opportunity to get back into this stock at a lower price.
AGU's April 11th Trading Range: $72.00 - $75.20 (Closed at $73.19).
Saturday, April 12, 2008
Agrium Hit Resistance
Labels:
agriculture,
Agrium,
My Trades,
technical analysis
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I hate it when I'm right and wrong at the same time. On Friday, I sold AGU just before it started heading down. Too bad I didn't go against my "rule" of not getting into new positions on Friday afternoons as AGU passed through resistance with only a very minute hitch today and closed the day at $78.09. The funny thing is... if I didn't sell on Friday, I would have looked at Friday's trading activity and placed the same limit price again for this week (and would have lost out on today's profits anyways). Oh well, you win some, you lose some... now, I'm hoping for a dip in the broader TSX as several of the stocks on my watch list are at or near overbought levels.
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