Had my eye on WETF today and bought shares at 8.93 as it continued through yesterday’s high of 8.87. Yesterday’s signals including high volume, close above 8EMA, strong bullish candle, and oversold stochastic could be indicating the beginning of a move up towards 10. From here, I would consider adding more on a pullback into the 8.60’s and using the low or 8.30 from 3/27/17 as a stop area. Targeting 10 to take profits.
WETF caught my eye today on much higher than normal volume (19.3MM shares vs a 10 day average of 1.7MM) and the chart looks to be possibly forming a bottom. I like today’s close above the 8EMA and that it is coming out of the oversold stochastic territory. WETF found support in the 8 dollar range in November 2016 and therefore would be logical to happen again in the same area. I’m interested in going long if tomorrow’s session can break above today’s high of 8.87. Would be targeting at least 10 to the upside and would cut and bail if it falls beneath yesterday’s low of 8.30.
- 3/29/17 update – Long WETF at 8.93