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Tech

Tibco Software Inc (TIBX): Time to take profit

 

Tibco Software (TIBX) is among the ‘longest’ stock that I have held.

Currently, TIBX is trading at around $24.

On the Ichimoky Daily Chart, we can see that

1. The Chikou Span may pierce through the price level. While this has not happen yet, and there is a chance it will bounce off the support at around $24

2. For the past 3 trading days, TIBX has been trading below the Kijun sen (trendline). This suggest weakness.

3. On top of that, we can see that the leading kumo is flattening which suggest that the momentum is probably slowing down. This is further supported by the flat Tenkan sen and Kijun sen as well.

4. With a flattening price, we can see that the Tenkan sen and Kijun sen is very close together. Any sharp downturn will likely see a bearish cross confirmation.

It is with the above in mind, that I decided to take my profit off the table and close my long position on TIBX.