<..Could you expand your buy and hold comment...>
I'm buying WCII stock at these levels and plan to hold with a price target of ~70 inside 18 months, and possibly into the mid 100s further out (if not by then). Of course, I would reevaluate on any SIGNIFICANT fundamental change, and stay tuned throughout the day. LU is a BIG relief though. WE always knew it would come, just didn't know how serious a committment it would be.
<..As a trader, where are we with regards to near term resistance both up and down?..>
(stolen bigchart interactive frame)
bigcharts.com
Technically (ignoring fundamentals), we're in a shorter term uptrend, which may or may not be a resumption of a longer term up. We went MACD green last week on significant up volume (14d OBV of >6MM) and MACD maxing (basing on LOWER volatility) well above 14 and 50dma. Need to take out 200dma.
I'd say resistance is 30ish (200dma is currently ~34 and dropping), and IMO we seem poised to break that. Basing here 26ish, with some support midlow 20s. If by chance we DID hit teens again, though it might be technically bearish, I'd likely be buying.
But I'm too close to the story to just look at WCII technically. Fundamentals are stronger now than they have ever been - for both Winstar and the (very limited) commercial BBLL sector. So I'd buy on weakness AND on strength. And IMO, I wouldn't wait for stochastic signals to enter the trend - we were short term overbought (15d RSI still overbought, but 20d is a bullish 66%), but seem to be basing now. Anyway, Stoch's decent, and though maybe we do get another crack at 23, I wouldn't want to count on it.
fwiw- |
