Hi Jill,
WFMI reminds me somewhat of TSO.
WFMI is in a blue-sky breakout, and has buy signals showing:
139.142.147.19
But it is a bit overextended now and, like SSTI, will probably pull back within the BBs, test support at the middle of the BBs or at the old level of final resistance at about $124, and then continue the uptrend and seek higher ground.
WFMI has been in an orderly long-term uptrend for a very long time now:
139.142.147.19
So, I think in the very short term, WFMI will pull back to support or just trade sideways until the 20 sma catches up with it, then it will push up off support and continue it steady uptrend. WFMI has gradually increased in relative strength as well, a very good sign.
So if I were trading this in the short term, I might try to get a bit of a scalp here since today's candle looks very bullish, but a higher probability trade with less risk would be to wait until WFMI pulls back to support, and look for an entry at that time for either a short term trade and/or a medium-term investment.
I see no storm clouds on WFMI's horizon at all. It should continue to do well over at least the next several months and into the beginning of 2006, and should easily outperform the market with relatively low volatility (nice risk/reward, in other words!).
Nice find....
T |
