Does Walter Have The Energy To Reverse?
Posted: September 5, 2013 Filed under: Descending Triangle, Double Bottom | Tags: coal, energy, Walter, Walter Energy, WLT
Walter Energy (WLT) has formed a 2-months descending triangle with 5 touches. Most often descending triangles break downwards. BUT another interpretation shows a double bottom forming with a neckline at 14.75. A completion of the pattern targets 19.50. If you enter long this trade make sure to have your profit taking orders in place as WLT could rally strongly because 47% of its float is short.