Note
I'm still traveling so my blog article today will focus on my Monday Setups for this week. I'll return to my "normal" blog postings regarding market action, outlook, historical tendencies, etc. tomorrow.
Monday, August 20th
Since reporting excellent quarterly earnings results in mid-June, Winnebago Industries (WGO) has been under selling pressure, falling approximately 20% since its June top. WGO is now approaching key price support with an RSI at 40 - typically an area where we see reversals if a stock is truly trending higher. Here's the current technical view:
I see overhead resistance in the 46.75-47.50 area, while major price support resides in the 35-36 zone. That's the trading range. Entering WGO from the current price down to 35 offers a compelling reward to risk opportunity with a very tight closing stop beneath 34.75.
For a list of this week's Monday Setups, CLICK HERE.
Happy trading!
Tom
