Stock Chart Sell Signal On $WSM
By Fri, May 29, 2020
Shares of Williams-Sonoma (WSM) are soaring today on the back of solid earnings. The do-it-yourself cycle of the quarantine is playing out but based on the chart will not last. There is a strong stock chart sell signal on Williams-Sonoma at $87.40. The current price is approaching quickly. This is a classic former all-time high from 2015 that is now a major double top when prices hits it. In addition, the insanity of the move on Williams-Sonoma is clear when looking at the chart. Williams-Sonoma has rallied from $26 in March 2020, to almost $86 today. That is absolutely insane. Every technical metric slammed into extreme overbought signals today. The stock chart sell signal is strong and will cause Williams-Sonoma to collapse back to close to $75 in the coming days/week or two.
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About the Author
Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial adviser but his heart was always in swing and day trading. He had this long standing belief that he could help investors make more money by advising them on shorter term investments (holding a stock for days to weeks) than the buy and hold crowd who lost 50% of their money during every market collapse. “Why not profit during the bear markets just like the bull markets”, he said. While helping others gain financial independence during the day, he spent his nights studying charts and price action, developing a unique market trading system that put his profits on a rocket ship. Some nights he would barely sleep when he found a new technique that was proven, once back-tested.
