Weyerhauser Company, WY:
1. During Thurs. (Oct. 23) live stock meeting it was noted that daily closes below $33.90 in Weyerhauser were the weaker position and may prompt new short entry.
2. Fridays (Oct. 24) session closed at $33.89 (neutral to $33.90) and today’s session advanced, closing the day at $34.03. This is clearly the stronger position and indicates higher prices, including a test/attempt at $34.40 (or higher). Therefore, Weyerhauser is now in a ‘Buy’ position.
3. From this point forward there should be no daily closes below $34.80 and a protective stop should be placed accordingly. Will update.
Weyerhaeuser Company WY:
1. Our previous (Oct. 27) report indicated that Weyerhaeuser was in a ‘Buy’ position at $34.03 for continued advance and test/attempt at $34.40 (or higher).
2. However, Weyerhaeuser broke back below $34.80 stopping the position out. This resulted in a loss on the position. The market subsequently declined and completed the originally forecast downside target of $33.10/$05 on Oct. 30.
3. Weyerhaeuser reversed off the Oct. 30 bottom and is now again nearly completed the $34.40 intended upside target (today’s session high, $34.30, so far). While this is somewhat unusual behavior, further entry in Weyerhaeuser will be messaged as the market continues to confirm.