For those in the JOUT active long (and Long-Term Trade), consider protecting profits by raising your stops to a solid weekly close below the primary uptrend line which would also be on a move back below the former first target level (24.00), which is now support. Updated weekly chart shown here but also note that negative divergences have formed on the daily chart on the recent highs in the stock. Therefore, the odds of a near-term pullback are elevated at this time. Of course, suggested stops are just that… suggested levels based on the technicals. With the increased chance of additional downside in the broad markets over the next few weeks to months, there’s nothing wrong with booking profits on longs before they pullback and drop below key support or suggested stops levels.
