Here’s your trade on Marathon Digital $MARA – June 27, 2023
Dan Fitzpatrick at StockMarketMentor.com, and here is your Free Chart of the Day. I am looking at MARA ( NASDAQ: MARA ) here, Marathon Holdings ( NASDAQ: MARA ).
This is levered to the whole Bitcoin thing. This is the pick axes and shovel hardware store basically, for crypto miners. And so as Bitcoin goes, generally speaking, so goes Marathon Holdings ( NASDAQ: MARA ).
And for a while, it looked like maybe these guys, their shovels were going to be used to dig their own graves, but it turns out, that’s not the case. We got in this stock a little bit later, actually, than I would have preferred. I missed it by a day, as far as where the real entry was, right down here, maybe on this pop here, but close enough.
We got in this stock here, last week, on the 21st, and have held through these little pullbacks. I’ve got the current stop here set at 11.50, and in light of the volatility, I am just kind of inclined to keep it, just to keep it where it is. And by the way, I will say this, you never want to have a stop at 11.50.
You can have it at 11.49, if you want, or 11.48. But right on the even figure is not where you want to be. In fact, on this level, for example, this last Friday, the low was 11.50. So if you’ve got your stop right at the even number, boom, you are taken out of the trade and now you have missed almost $2.00 worth of upside, which is a pretty nice return on an $11.50 stock.
So when I put these stops here they are just general ideas, don’t do it to exactly that level. Anyway, we are still long this stock. I already had a pretty decent position but I bought a whole bunch more today when the stock broke through this level here. This $13.00 level hasn’t really pulled back much.
And even now, this is on a 5-minute chart, you can see it is still just drifting higher as the day goes on. So my suggestion is, stay long this stock and just don’t be taking profits on it, that’s really it.
The whole Bernard Baruch thing, he’s dead now so I can’t interview him. But he was asked, How did you make all of your money in the market? And he said, “I sold too soon”. That’s a good approach, better to sell too soon than too late. But I will put it this way, I think if you are selling this now, you are selling too soon.
This stock looks like it has a lot more upside here. And I will draw a line in the sand, that would be my price target on this stock, for this year. And do you know why? Because I can make it anything I want. And that is what my price target is on this stock.
My price target for the stock is, that it is going to be above this level by January of 2024. And do you think I am going out on a real limb there? Not at all, it’s a 50 percent return from where it is right now, I’ll take it. And by the way, I may be low.
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