Stock Chart Analysis WFR

Posted by downtowntrader | 8/06/2007 09:22:00 PM | 0 comments »

Stock Chart Analysis WFR

MEMC Electronic Materials, Inc. (Public, NYSE:WFR)

WFR is a stock that had some outstanding moves this year, but has fallen into a trading range of late. There is a clear channel it is following as it trades in a consolidation phase. Being that it just tested the lower boundary of that trading range and formed a hammer, it is reasonable to assume that it would bounce here. This is another trade with clear cut stop loss levels and a reasonable target. The other attractive aspect of this chart is that the longer charts are looking good and it could eventually form a major low here.
Good Trading,


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