$WKHS Bearish pennant set up and new lower target :(
$WKHS did not finish development of descending triangle pattern. In my view for the long term that would be a much better scenario. In that case, we would bounce really good of lower price and have an awesome rally. However, the price moved sideways forming bearish pennant and my outlook for $WKHS changed. I still would look for entry but at a lower level then I thought before and if we will follow this path, future development does not look as attractive as before.
Of course, there is always the possibility to breakout to the upside on any positive news but I would limit chances of that to about 25%. Stock still packed with scared money and before any significant move up we need to clear them out.
Moving average support more bearish idea. 9MA is about to cross 50MA. Price reached upper trendline of bearish pennant and 21MA and that is a very serious resistance that will be hard to breach without news.
Of course, there is always the possibility to breakout to the upside on any positive news but I would limit chances of that to about 25%. Stock still packed with scared money and before any significant move up we need to clear them out.
Moving average support more bearish idea. 9MA is about to cross 50MA. Price reached upper trendline of bearish pennant and 21MA and that is a very serious resistance that will be hard to breach without news.