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Welcome to this week’s Theta Bandits: Top Pick Tuesday. This week we are revisiting and updating ideas from earlier this year. While it has not been a long time since posting these ideas, this update serves as a reminder of the challenges we face in this ever-evolving market. While the market indexes are setting all time highs, let’s have a look and see where we stand. For each pick I have included the two screenshots: first from the original plan and the second is looking at the continuation from the Top Pick date indicated by a blue vertical line.
Pick #1 – Walmart Inc.
Walmart Inc. (WMT:NYSE)
Price at Preparation: $59.60 (Feb 26th, 2024)
Price at Update: $67.42 (Jun 17th, 2024)
Gain/Loss: +11%
Update
Walmart Inc. (WMT:NYSE) was chosen based on the opportunity of a stock split. As pointed out previously the expectation was for the price to drop to the bottom of the channel. This only presented a very slight pull back before rocketing up and breaking out from the channel to new highs and above the previous 12-month Price Target (PT) indicated with green lines on the visuals. WMT stock price did not give the entry as part of the plan created here however, continues to do well.
Pick #2 – Exxon Mobil Corp.
Exxon Mobil Corp. (XOM:NYSE)
Price at Preparation: $108.38 (Mar 8th, 2024)
Price at Update: $108.36 (Jun 17th, 2024)
Gain/Loss: 0%
Update
While Exxon Mobil Corp. (XOM:NYSE) looks flat in the gain/loss to date, this is why we trade and keep our eyes on the levels. In the original plan here and the first visual aid below a break-out was detected, as well as a gap-to-fill. Looking at the update from the time of the pick, XOM continued with the break-out to fill the gap and reach a high of $123.75 USD (+14%) before retracing down. This high was above the target price planned and following the plan to mitigate risk by updating stop-losses and securing profit along the way leaves this trade in the green.
Pick #3 – Star Bulk Carriers Corp.
Star Bulk Carriers Corp. (SBLK:NASDAQ)
Price at Preparation: $24.17 (Mar 18th, 2024)
Price at Update: $23.81 (Jun 17th, 2024)
Gain/Loss: -1.5%
Update
Star Bulk Carriers Corp. (SBLK:NASDAQ) was identified as a “cup & handle” pattern which was completing close to the recommendation date. The second item being looked at on the original chart is the stock staying above the trend line. Since the recommendation date, SBLK had a brief pullback for the “handle” of the pattern before moving up thorough several resistance lines to a high of $27.47 USD (+13%) and almost reaching the avg 12-month PT resistance indicated. Since that high the stock has retraced down and has broken the trend line. The thesis of the stock has not been broken and the dividend of 7.66% remains intact, which was paid out during this period (typically following a dividend payout there is usually a little weakness expected in price). While this price action offered some decent exit and profit taking opportunities, this stock is still held as per the original plan discussed here.
If you’ve been finding our picks helpful, imagine what the live version holds. You know what to do 👇
Disclaimer: This article is for informational and educational purposes only, not investment advice. We recommend researching and consulting with a financial advisor before making investment decisions. All actions based on this information are at your own risk.
