Does Walter Have The Energy To Reverse?

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.

WLT, energy, walter

WLT Daily


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s