WLT First Profit Target Hit
WLT (Walter Energy Inc) kissed the recently revised 2.64 target shortly after the last update for a quick 14.3% gain in less than 3 full trading sessions. WLT once again offers an objective new entry, add-on or re-entry (for those who sold at T1) here on the pullback to the former 2.30 resistance, now support level.
Although the T1 level can be used again for the first profit target for a new entry, add-on or re-entry here, I favor a move up to the T2 level (or beyond, if the buy-out rumors prove true) from here. Suggested stops for an entry here around the 2.30 area would be on either on a break below yesterday’s low of 2.06 or a 15 minute candlestick close below 2.00 for those preferring to give the trade a little more room.