…But it is still a Bull. Why do I say that, because, I just went long on Avon Products (AVP) and for the market to continue to rebound from steep sell-offs there has to definitely be some makeup being put on to cover up the flaws in this market. Nonetheless, trade with the trend until the end!
As a result my trade in AVP came with an entry price at 34.95. I have place a stop at 33.10. I placed my stop there because AVP has consolidated nicely near its highs, and a break of the consolidation would signal a potential pullback in the stock, and that is nothing that I personally desire to weather. Also, I consider a break of the 50-day moving average to be significant should it occur and that also went into my reasoning for the stop-loss that I chose.
Other reasons for buying this stock include the fact that the industry it is in, Personal Products, has been strong of late, and AVP is one of its better industry performers, as well as there is noticable increase in the money flowing into this stock – all of which constituted a buy for me.
Here’s the chart on AVP…
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