This is a dividend play!
Volume increased to 3.3m today vs 2.2m avg of late and included 330k of options exercise, which is textbook for a run.
Short O/I was 600k+ 2 days ago so I will follow this.
For the triple bottom to work, WES needs to clear the 4 Jan hurdle of $42.80 which then sets up a new target of $45.50 which is the high of Oct and then a potential double top - (which I don't think will work coz that suggests a longer term target of $35 minimum!).
Anyway I get ahead of myself.
Immediate ST concern is that area at $42.80
Buy the dips
... just my 2c worth ...
Very strong bar on very large volume.
WES is ex Dividend Monday, so only 2 x trading days left.
If you participated in this trade, then as a courtesy, I intend to start unwinding my longs.
I was thinking about a Put/Warrant to protect but they are too expensive.
Time to take profits.
If the markets remain strong I would expect another push up on weakness and on Friday afternoon.
Thank you for your support (likes)
Approx 6m+ shares traded today (avg is 2m) most of which traded during the first hour, incl abt 1m accounting for the early push down.
On a positive note, that pretty well exhausted the selling and the rest of the day drifted higher - bullish close bar with a (lack of) seller absorption pin.
I expect this stock to trade to $43.75 +/- 0.10 tomorrow, depending on overseas markets tonite, with the push higher materialising in the afternoon.
I also expect this stock to be down $2 from tomorrows close on Monday.
... But we will see.
It didn't make my final target, but I was happy with my result, in a difficult market.
I also added my short as I expect the bears to shred this stock next week, in the absence of any buying support.
The inside day doji heralds weakness.
Now to fix my TLS position! I think I will borrow my way out of debt.
Thank you for your support and patience.
... just my 2c worth