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Analysis:
WPL’s chart is one of the strongest in the top 100. As oil prices continue to set new record highs, investors and traders continue to cheer the stock onward and upward.
We maintain a bullish stance on WPL as long as it continues to trade above the daily uptrend line (noted on the chart).
The MACD signal line has crossed higher, above the zero line, and the 8- and 21-day exponential moving averages remain crossed higher. Combined, these indicators signal trend strength.
Likely Price Action:
We see higher prices continuing, only invalidated by WPL falling below the trendline support at $57.
ASR will track this trade as an SMS Support trade – with all important information regarding the trade to be conveyed through SMS updates.
ASR entry only by SMS Alert, but members may enter according to their own discretion based upon the above analysis.
As usual, we will not be risking more than $200 on this trade at our stops.
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