US forest products giant Weyerhauser (WY) recently returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time in over five years and continues to climb, rising another 20 spots yesterday to 55th place.
Weyerhauser (WY) has been trending back upward since March, but accumulation has accelerated in recent weeks with the shares’ breakouts over $25.00 and their 50-day average which completed a bullish ascending triangle base. Yesterday, the shares snapped a downtrend line, confirming a new uptrend is underway. Next potential resistance appears between the $30.00 round number and their previous high near $31.00, followed by measured tests near $32.50 and $35.00. The $25.00 breakout point reverses polarity to become initial support.
Weyerhauser (WY) has embarked on a new upleg in recent weeks, breaking out of a symmetrical triangle, completing a bullish Spread Double Top pattern, clearing $25.00 and advancing on $27.50. Next potential upside resistance appears near $31.00 where previous column highs plus vertical and horizontal counts converge, followed by the previous high near $35.60. Initial support appears in the $24.90 to $25.00 area between the previous breakout point and a 3-box reversal.
With a perfect SMAX score of 10, WY is exhibiting near-term strength across the asset classes.
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