Hello fellow traders and investors WBA has pulled back approaching their earnings report which ended up exceeding expectations. The 46.50$ area has acted as a strong level of support in the past and as we approach that area I am getting ready to buy some shares. It offers a 17% ROI as of the time of publishing this idea.
Take Profit: 55.80$ Stop Loss: 45.80$
Technicals: - RSI=Oversold - Exhaustion in selling volume -Moving averages still indicating a downtrend
I did see it as well as one of the most oversold stocks in the SPY. I had it on my watchlist to buy on the 200 moving average, which is currently on 49. So I guess I entered a little too early. Stop loss is at 45, profit is at 55 for me as well.