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.