Wagging The Wag
In a chart that is reminiscent of the highest flyers
during the heyday of tech stocks, Walgreens seems to be locked in an upward path
and behaving the way you expect it to.
Indeed, Walgreens
(
WAG |
Quote |
Chart |
News |
PowerRating) may still have some life left to it on pullbacks to
support, so it’s one to keep on your daily watchlists if you happened to miss
today’s move.
WAG is bouncing off its 20-day moving average, the lows of its
two-week range, and the bottom trendline of an eight-week trend channel. As this
article is being written, WAG is looking to close near its intraday highs.
Nice. The one thing we didn’t get was the heavy volume. Not so nice. On any
follow-through, you’ll want to make sure that volume kicks in. That will give us
a better chance of seeing the uptrend stay intact.
Also keep in mind that another pullback to this confluence of
support factors accompanied by better volume, might be the preferred ticket.
Until Tuesday,
Eddie