Let’s check in on $NSSC – May 23, 2024
This is Scott at StockMarketMentor.com with your Chart of the Day. I want to follow up on an idea that I shared with you on Thursday of last week.
I shared this stock idea, Napco Security ( NASDAQ: NSSC ), 6 days ago. What I mentioned last week was to look for a move over this long base of consolidation. This stock had been going sideways for 69 days at the time.
It’s up almost 8 percent in just a couple of days, which is pretty good considering the stock market today ended up having an 87 percent down day. So NSSC ( NASDAQ: NSSC ) is a stock that I think at this point if you took this idea you definitely want to try and stick with it. Just let it work if possible
I think you probably want to consider a stop at break-even. And then the worst-case scenario is you don’t lose any money. And when the market is whipping around like it has been over the last couple of days, that’s a good place to be. You can sleep soundly at night knowing, okay worst case, I don’t lose any money, best case, I make money.
For swing traders or active investors, I think that’s the sweet spot to be in. If you took the idea I think you want to try and let it work, let it push away and trend higher, and let it make money for you, while you do nothing.
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