WM Bullish Engulfment Alert
Posted by Blain Reinkensmeyer
December 31, 2007 at 1:26 pm
Washington Mutual WM is setting up what could be a great bullish engulfment today.
First chart is the intraday of today and yesterday. #1 denotes the open today below yesterday’s close, #2 denoting the move to the upside.
Click to view, Click again to zoom
Actually interesting about today is WM opened at new multi year lows below $13. Take a look at this chart of the last few months.
Click to view, Click again to zoom
The last piece of the puzzle is the volume which needs to finish above yesterday’s 22,250,000. WM stock as of this post is trading at a real time last of $13.95, up 6.66% on the day with just under 17 million shares traded.
Bullish engulfments can resemble a change in long term trend, so keep an eye on WM.
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I’ve beeen watching WM for a bit now, and have just been waiting to pull the trigger. I’m still concerned that the stock may ( never? ) rebound, or take a very, very long time to do so. However, at the current price, it’s almost hard *not* to buy at least a small amount. The upside potential is simply *huge*.