I think Lorillard is offering another buy opportunity. On Friday session the stock dropped by 4% and hit 200 day MA. That is the kind of a retreat I usually look in stocks of my interest to add more shares.
I am not buying yet, since the stock may continue sliding down, but I entered a contingency order. If the stock crosses above $41.77 a share I should be buying another 24 shares of this stock.
If the price won’t cross this level, but continues falling down, the trade won’t execute and at the end of the next down session I’ll move my contigency order down again as long as the stock reverses and pick me up on it’s way upwards.
If however the stock gaps up the next session the trade will activate my limit order at $41.77, but will not execute and stays in Good-till-canceled mode.
Look at today’s trading of this stock. The dip is deep and touched 200 day MA. Will this support hold or will the stock break down below 200 day MA?
If the trade executes, I’ll keep you updated.
I recently just stumbled onto LO and am looking to add some shares to my portfolio as well. I believe we should be seeing a correction in the market soon. That will be my buying opportunity.
I think LO is a good company. It has risks, but I am OK to take them. I think we are already undergoing the correction, so let’s see how deep we can go. LO may still continue sliding down.