LONG: Western Refining (WNR) - Notice the inverse head and shoulders that has formed over a period of months, as well as the range bound ceiling it has been impacted by over the same time period as well. Now we are finally getting a “breakout” to it. Stops and entry noted on the chart. Target is opened ended. Long from $20.51.
LONG: Valassis Communications (VCI) - Another solid long setup, making a play on a bounce off of support rather than a breakout like WNR. I got long at $19.41 and look for the multi-month support level to hold for me. I’m still holding PPL and PCYC (the latter of which is doing fairly well).
Both of these trades I’ll consider holding over the weekend depending how well they do going into the close. But the point here is, that I’m willing to hold them over the weekend.
Category: Technical Analysis