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WMS

 
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cola
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PostPosted: Wed Sep 29, 2004 4:44 pm    Post subject: WMS Reply with quote

I am trying to understand/learn why you like WMS at this point on the chart. The stochastics are almost overbought and it is coming up on the 200MA. Is there a trend that I am just not seeing.
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candlestick1
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Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Thu Sep 30, 2004 10:51 am    Post subject: WMS Reply with quote

WMS has a few elements that make it attractive. As you will see, the bullish engulfing signal in late August started the rally. The big white candle two weeks ago was the exuberance at the top. The hanging man ended that uptrend. But now notice that the 50 day moving average acted as a support with a hammer at right on the 50 day, followed by a kicker signal to the upside. That combination reveals that the pullback was a probably profit taking. The kicker signal with the stochastics pulling back to midrange, then seeing a strong bullish signal turning the stochastics back up is a J-hook pattern, or a wave 1-2-3 pattern.
Would suspect that if the markets in general do not move severely to the downside in the next few weeks, that $30 could be the target with $27.50-$28.50 as intermediate targets.
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