This Is Why You Need To Watch The 200-Day EMA

Weyerhaeuser (WY)
bounced off the 200-day EMA
and closed just above the 61.8% Fibonacci
level (2/15/05 low – 4/8/05 high) yesterday. Notice the stock formed a mildly
bullish tail.

(Charts courtesy of QCharts)

10:01:30 (from TradersWire)




Action

Symbol

Order Type

Setup

Stop

 Target

Current Price

Posted By

Buy

WY buy stop at 65.52 testing intraday
support
65.37 65.80 65.32

TK

Now, let’s look at the 15-minute
chart from this morning. WY sold off shortly after the open, but it managed to
hold above its support level. As you can see, the second bar was an inside bar.
So often inside bars signal potential reversal situations. I placed a buy stop
at 65.52.

10:17:46 (from TradersWire)

Follow up on WY

Sell half to take a 13-cent gain. Move stop to breakeven.

10:26:35 (from TradersWire)

Follow up on WY (Pt 2)

It has hit our target. Re-adjust your stop. Next target is yesterday’s high
65.95.

If you have questions, feel free to
mail
them to me.