quick wendys short playthis is speculative and is not meant to be financial advice, but a hypothetical idea which other versed investors can agree or disagree with what is presented in this picture. Seems like a pretty simple quick 5% rip. One could maybe maximize earnings through a put play. This could also be a complete fakeout, so waiting for confirmation is crucial.
WEN trade ideas
Price ActionIn this activity (The Technical Analysis) there are a lot schools and theories, the methodology that I follow and use is called by Americans:
Price Action with Chart Pattern analysis plus Candlesticks but without indicators (large name for a simple thing)
It's a raw way to do the things but work and this means that if you are a user of this technique I do not need to explain because just with seeing the chart you get the idea and you know what you should do.
For this reason and henceforth I do not give price targets because this is your job
WEN - Key support breakdown short from $14.93 to $13.57
* Trade Criteria *
Date First Found- August 23, 2017
Pattern/Why- Key support breakdown short
Entry Target Criteria- Break of $14.93
Exit Target Criteria- $13.57
Stop Loss Criteria- N/A
Please check back for Trade updates. (Note: Trade update is little delayed here.)