Rivian (RIVN): Added to Position

When stocks drop through particular price levels, they really tend to crash. Rivian (RIVN) did that this week when it lost support at the key round-number psychological support of $10.00 on Thursday. It actually dipped down and touched my next buy target at $9.38 on Thursday, but my buy order didn’t get filled.

When I’ve seen that kind of price action in the past, I know that the stock typically has another dip down on the following day, so I lowered my buy target to $9.24. Like clockwork, Rivian dipped lower on Friday, hit my new buy target – which filled this time – and added 2.79% to my position. The buy lowered my per-share cost -4.63% from $25.06 down to $23.90, a total reduction of -81.18% from where I initially started this position at $127.00 on November 12, 2021.

I do know that it’s going to be a long slog with this EV company, but unlike the other smaller EV companies out there, I truly believe Rivian has what it takes to succeed for the long term, so I will continue adding to it. My next buy target is $7.86, a price calculated using the Fibonacci Method, and my next sell target is $24.30, just below the highs Rivian saw in late 2023.

RIVN closed the week at $9.13, down -1.19% from where I added.

Visa (V): Added to Position

Visa (V) broke down a bit on Tuesday, breaking through it low from last week and triggering my next buy order which added 1.64% to the position at $273.70. Since I’m only adding profits back into the position at this time, the buy raised my per-share “cost” +$226.45 from -$510.58 to -$226.45 (a negative per-share cost indicates all capital has been removed in addition to $226.45 per share added to the portfolio’s bottom line in addition to each share’s current value).

From here, my next buy target is $265.89, above the next key area of support, and I still have no plans to take profits, yet, as I want to rebuild this small position.

V closed the week at $276.09, up +0.87% from where I added on Tuesday.

Zoetis (ZTS): Added to Position

On Friday, Zoetis (ZTS), the animal pharmaceutical company, really broke down on the back of reports of inflation and the big banks giving frightening forward guidance. ZTS collapsed through my next buy order which filled at $151.49, adding 4.26% to my position and locking in a -21.32% discount on shares I sold last year for $192.53 on December 13, 2023.

The buy raised my cost basis +3.41% from $129.15 to $133.55. As many of my readers know, I absolutely hate raising my cost basis, but I believe in Zoetis for the long term and my new cost basis still represents a -15.234% reduction from where I initially opened my position on June 13, 2022 at $157.55.

From here, my next buy target is $132.94, just under my new cost basis and above a past point of support, and my next sell target is $201.89, just under the high Zoetis saw late in 2023.

ZTS closed the week at $149.98, down -1.00% from where I added Friday.