Last week, the Coronado Global Resources (CRN) position was closed when the $1.90 stop loss level was reached.
If you weren’t aware, last week was the worst week for our index since the pandemic sell off in 2020. Year to date, Energy, Utilities and Basic materials have been the strongest sectors, yet ever sector rolled over last week, nothing was spared.
This is because the market’s mood has changed so quickly in only a few weeks, from cheering commodities on stable to increasing prices on the back of China reopening after covid lockdowns to concerns about global growth slowing resulting in a clear change in sentiment.
Although, we know it’s bittersweet. Whilst we were stopped out on the one hand, most of the capital was protected. Looking ahead, the bigger the market pull back, the bigger the recovery. So, when the market goes down like it is now, we get excited because the market only presents great opportunities occasionally. One is coming.
Closed position result
Number of shares: 3,000
Entry Price: $2.35
Dividends Received: $0.16602676
Exit Price: $1.90
Loss: $851.92
Please ensure that you automatically exit at the stop-loss levels that was advised throughout the trade as a timely exit is vital to capital protection.