With all due respect for targets not being stop signs, we note that Waters has hit its target today after being highlighted close to a month ago and testing me with some earnings volatility along the way.
I took the profit on Friday, just a hair below the 150 target, which is being exceeded today. I had increased the position on the post-earnings downside (and test of the SMA 50) and was overweight. Now I say thank you and goodbye, replacing WAT with another Medical Device company. Incidentally, I also took profit on the ‘getting overbought’ sector, selling IHI, and now holding 2 remaining Device companies (very different from each other, as this general industry includes everything from man-made tissue to stents to robotic surgery).
Here’s the daily chart from the original update. I think WAT can easily go higher if the market does, but there’s that ‘market risk’ bugaboo again. I remain in take profits, re-balance and manage risk mode. Period.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.