Stock Chart Analysis WNR

Posted by downtowntrader | 8/29/2007 09:25:00 PM | 0 comments »

Stock Chart Analysis WNR

Western Refining, Inc. (Public, NYSE:WNR)

WNR has been in an orderly correction the past two months. The move prior to the pullback was very strong, in fact the stock almost doubled. If the correction is complete, then it's possible that WNR will make a measured move up after clearing the channel. Examining the past few candles reveals that bounced off the lower band and has now retaken the 20sma. While it's possible that WNR will back off resistance here, it looks like it is close to bottoming out and entering into the next leg up.

Good Trading,


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