$WIRE about to get tripped

I've been a long-term bull on WIRE for years, and it continues to be one of my largest positions. Fundamentally, there's nothing that changed my mind about the company. I've listed some of the reasons I like the company in this mind, and they're as valid now as they were last October.

That said, I am thinking about reducing my position for a couple of technical reasons:

1. The 2x Fibonacci extension of the run from March 2020 to November 2021 is at $265, less than 2% from the current level.
   
2. The stock is about as far ahead of its 50-week SMA as it has ever been.
   

Again, I like this company long-term, and I down plan to sell more than half of my position. And I would absolutely buy back on a pullback towards $220.

Comment:

*...and I DON'T plan to sell more than half...

Trade closed: target reached:

I sold 30% of my position just above $267. I had bought these shares in May 2022 for a little over $125. I still believe that this company with its fortress balance sheet, their strong market position and their excellent leadership will have a bright future ahead of them. I will reload on any substantial weakness.

Comment:

And here, folks, it is. The take-private offer from a private equity firm. I've been saying for years that this company absolutely SCREAMS for a leveraged buyout. I've sketched out the reasons in (www.tradingview.com/chart/?mind=vwuzP...). WIRE certainly is an "old economy" stock, but their management team is world class, and they deserve huge credit for the juggernaut they have created. I would have loved to get a chance to buy back my recently sold shares, but it was still one of my larger positions. I'll be sad to see them go, but glad to bag the long-term gains.