IOT May 2, 2024: A Bull Flag

May 2

On April 22, 2024, I started to buy IOT when it touched its MA-200 for the second time, forming a small base. You can see this trade in the related ideas section. I then closed the trade right below the MA-50.


Now, for the last 5 days, after moving above its MA-50, IOT has been forming a small bull flag pattern right above MA-50

A breakout above this pattern will be my new entry point.

I like the stocks that can hold the key MA-50/150/200 while the main indices are still struggling, like now.

May 11

Trade active

The trade was trigger on May 2 and on May 10 I closed half of my position as the stock reached it previous high and I think it would take some time here consolidating before reaching new high.

May 31

Trade closed manually

As the stock closed down below its MA-50, we decided to close the rest of our position.