Inverse Cup and Handle forming for Wendy's on the daily chart. Expecting to meet resistance at the handle before moving lower towards the long term trend line.
Looking for price to break ATH, but more likely, it will bounce off and pull back. Overall, very bullish uptrend here. Might be able to catch a small short here and ride back up again.
In this activity (The Technical Analysis) there are a lot schools and theories, the methodology that I follow and use is called by Americans:
Price Action with Chart Pattern analysis plus Candlesticks but without indicators (large name for a simple thing)
It's a raw way to do the things but work and this means that if you are a user of this technique I do not...
* Trade Criteria *
Date First Found- August 23, 2017
Pattern/Why- Key support breakdown short
Entry Target Criteria- Break of $14.93
Exit Target Criteria- $13.57
Stop Loss Criteria- N/A
Please check back for Trade updates. (Note: Trade update is little delayed here.)
$After the first run up WEN found Support at $15ish and made a nice base on the Daily Chart. Looking now for continuation with a push of Volume through $15.80 to set new highs.
Target 17.50ish.
After 2 months of decline Wendy's seems to be on the rise since July 1st. It also seems to follow that pattern: 2 months down follow by 2 months on the rise. On the next month will it follow its uptrend pattern?
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NASDAQ:WEN
