Chart of the Day

Mueller Water Products Inc. (MWA, NYSE)

Buy price: $13.60

Close: $13.81

Stop: $13.25

 

Mueller Water Products: Manufactures and markets products and services for use in the transmission, distribution, and measurement of water. MWA registered a buy on our system at the same time insider Todd P Helms reported buying 9,884 shares of for a total cost of $129,925.18, so we are in good company.

Today’s Chart of the Day is an update to our chart on March 17th, which can be found by scrolling down in this email.

After the 17th, MWA ran up to $14.25, and then had a nice, well behaved correction right out of the text books. The high volume close on March 7th is indicated by the dashed red arrows. That level also coincides with the previous high from early January around $13.25. The recent market volatility brought MWA right back to that exact level, which came in as support. Former resistance becoming support is something you see repeatedly in stock action.

Text book breakout, retest breakout action for MWA. For now the stop remains at $13.25. A convincing move over $14, the level of the very high volume day on March 21, could start the next leg higher.

 

 

 

 

 

 

 

 

 

 

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