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Facebook Inc., (NASDAQ:FB) has no plans to reward the hacker, despite admitting flaw in its security and administrative side
Intel Corporation, (NASDAQ:INTC) is well poised to be the market leader in mobile and wireless market
Urban Outfitters, Inc. (NASDAQ:URBN) – Major Breakout Above $46.50
The Western Union Company (NYSE:WU) Faces Resistance In $18.70-$19.60 Zone
The TJX Companies, Inc. (NYSE:TJX) Is Close To Its Initial Target Of $55.50
Genworth Financial Inc (NYSE:GNW) – Buy Above $12.75 With Stop Loss Below $11.60
The Wendy’s Co (NASDAQ:WEN) – Long Term Target At $9.50 Levels
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Bank of America Corp (NYSE:BAC) remains as one of the favorite for small business owners

The Wendy’s Co (NASDAQ:WEN) – Long Term Target At $9.50 Levels

Posted On 21 Aug 2013
By : Eric Shirey
Comment: 0
Tag: NASDAQ:WEN, The Wendy's Co (NASDAQ:WEN)

Denver, CO, 08/21/2013 (Avauncer.com) – The Wendy’s Co (NASDAQ:WEN) (Closed: $7.93, Up: 2.06%) opened flat on Tuesday but soon went high in the green on good demand. The volume at 7 million was much higher than the average volume of 5 million. The stock is in a very strong bull market and every dip is getting bought as is evident from the price action. It corrected only for 3 days and 5% before it started going up again. The only concern from the bulls could come from the volume pattern which shows a spike on the down days for the last few months but that doesn’t seem to have any effect on the bulls so far.

The stock spent a quiet life till 2000, when suddenly the volatility exploded and the stock rise rapidly to a high of $5.20 in 2005 from the 2000 bottom of $1.75. A brief correction later, it accelerated and went to $10.55 by 2007 with more speed. The bear market of 2007 – 2008 gobbled up all the gains it had made in the previous 7 years and brought the stock crashing to a low of $2.63 by the end of 2008. After an initial bounce to $5.80, the stock settled in a range and remained in it for the next few years. This range was finally broken in May 2013, when the stock moved and closed the month above $5.80. The actual range spanned about one and half decade and gives us a long term target of $9.52 levels. The congestion zone in the range gives us a target of $7.48, which is already achieved.

The current rally has made all the indicators highly overbought but no meaningful correction is seen. The indicators are stuck at the higher levels but that should not be taken as a signal for any immediate correction or reversal. That is actually a sign of immense strength of the bulls. Investors should wait and watch for some real correction to take place and then get in.

About the Author
Eric Shireya is a former newspaper section editor and reporter who has been reporting on Fashion and Lifestyle for about 10 years. His work has been published in national business trade magazines, and can be found on wire services, in daily newspapers, in university alumni magazines, on the web, in newsletters, and more. His career highlights have included interviewing Bob Hope, laughing through a phone conversation with Richard Simmons, chatting with Melissa Etheridge, and enduring a press conference in a hot air balloon.
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