MakeMyTrip (MMYT): Book 17% Profit in 3.5 Weeks
I’ve been staring at this MakeMyTrip (MMYT) chart all week and thinking about whether it makes sense to hold the stock or book the quick gain. I just added it on November 20, and it’s already up 17%.
There’s nothing at all wrong with the business, in fact, it’s going great. And I haven’t seen any negative headlines either.
But, I can’t seem to get away from how clear the pattern is of MMYT pulling back after it hits the upper bounds of its price channel. Admittedly, my green lines on the attached chart are a bit crude, but even my nine-year-old can look at this and tell you what’s likely to happen next.
Will this be the time MMYT breaks free and goes on some crazy upside run? The odds are not in our favor.
At the risk of getting too cute, I’m going to go ahead and book a gain here. You can’t really go “wrong” snagging an 18% profit in just over three weeks.
And at the risk of getting way, way too cute, I’m going to put MMYT on our Watch List and see if we can get back in at a price in the low 100s.
This should be fun. SELL
Sell BBB Foods (TBBB)
We’ve done a good job of keeping losses relatively mild this year, largely by exiting positions before they falter more than 10% (roughly) from our entry price. I’m going to continue with that strategy today by selling BBB Foods (TBBB). I like the story of the Mexican discount retailer and think growth prospects remain solid given the store growth plan, but we can’t ignore that the stock’s trend has been a little iffy since the Q3 earnings report a few weeks ago. I’ll keep an eye on TBBB, but as of right now, it’s out of our portfolio. SELL
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