Wednesday, September 13, 2006

Chart: WFR

I will be watching the close of WFR (MEMC Electronics) today. If the stock prints a long tail and does not close above $39.50 resistance, the stock will likely head back toward support and provide a decent short opportunity with a preliminary $37.50 target. The stock does seem to be under accumulation, so I would make this a quick trade, as it is likely to test resistance again.

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