No better example of how a stock can get strenuously overbought during a long journey upward, refresh itself and resume. It’s one of the things that should be tuned out if a TA puts too much emphasis on an overbought situation necessarily being something terminal.
I mean sure, overbought could be a good place to take profits and I have done so periodically in this one. But due to its penchant for regrowing the position size and my refusal to sell out I am now left with a less overbought, full size position (compared to others) and a stock ticking a new high again.
It’s kind of amazing. And no, this is not who I have always been. I am practicing more patience at holding upside in some stocks than in the past when I’d have been a more aggressive profit taker.
We’ve all heard the refrains like ‘if you’d only owned Microsoft, Apple or Amazon way back when it would be worth XYX now…’. My personal indignity is ‘if I’d only continued to hold ISRG after I originally bought it around 4 bucks I’d be plus about $1,000,000 right now’. I fail to see how ROKU has the business angle anywhere near as good as any of the above had, but it is a stock acting that way and personally, I am trying to test it out as such, pending incoming information. But who knows? Maybe it’s just one of many manifestations of the everything bubble.
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