After breaking out of a wedge
pattern of an extending trend that had been in place since spring 2009
, Drew Industries Inc.is again attempting to approach a potential double top
at USD 54.52, a mark reached in October 2013
. The target is very attractive both for the bulls and the bears, and the stock will therefore most likely reach it. After breaking through the intermediary level at USD 51.70 and retracing back to it, investors are now advised to launch long positions with a target of USD 54.52. The movement should be quite swift and it is advisable to take profit while the stock is moving towards the target. Should the double-top level be breached, investors are advised to buy into the stock again.
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