$CVS Finally Breaking Out?Back on April 6, 2023, I posted a NYSE:CVS chart as it was looking like a breakout then and I started a small position. It quickly failed the that day, and I was out. Fast forward to yesterday June 1 and I determined it was breaking out of the long term down trend again, so I added a starter position. Itโs following through today, so Iโve added more and brought it up to a half-sized position. See my notes on the chart. This may be an actionable name โifโ it fits with your trading style. My stop is tight. I will close out if it closes below yesterdayโs low ($68.05). This is about a good as risk reward as I have found for awhile now.
(As a side note, the downtrend is a stage 4 it is unlikely that it will flip to a stage 2 right away. Iโm simply looking for a trade and will close out if it starts to stumble, hopefully with a nice 10% to 15% gain or more.)
Ideas, not investing / trading advice.
April 6 chart link below
Thanks for looking. Constructive comments welcome.
