This recent IPO is flying high. Check out Wingstop (WING). (July 09, 2015)
WING
Lets look a WING ( NASDAQ:WING ) here. Wingstop ( NASDAQ:WING ), actually I’m not for this kind of food, there’s actually one of these shops very close to where I live. They serve a lot of chicken wings with a lot of weird flavors on them, and they’re pretty good. The flavor that I like the best though is “bull” right now. This was the high back when this started trading in June the high closed 30.59, but the high was $32.00.
Well that triggered an alert today, we had some people in the forum that were all over it, I was too, when the stock moved the way it did and I’m looking at this, and I’m liking the way this stock traded. It came out of this prolonged squeeze a couple days ago, started moving higher. You can go out to even an hourly chart, which works pretty well for swing trading, for multi day, but not multi week trading, an hour long chart.
You look for these tight Bollinger Bands; you look for a breakout above them, preferably on higher volume, I guess this qualifies as higher volume, you can see the big green spikes here. What you don’t want is a little breakout like this, that’s not much of a breakout, like five people bought shares here. So we see the breakout here, and this thing just continues to drift higher, in to the close higher prices. It kind of makes me wish I had bought more today but at some point this will probably pullback and I’ll be happy I didn’t.
My point is this, this is up at a new high, which means every single person who has bought Wingstop ( NASDAQ:WING ) since it started to trade, every single person is a winner. The most you could possibly be down is four pennies. The stock closed at 32.96, it traded as high as $33.00, so there’s somebody out there who bought right on the even figure, they’re the ones that are down, that’s right there, right at the close. At 3:55 somebody, it was probable some short seller who finally got freaked out, couldn’t take it any more who covered his short.
This is a stock, in my view, that you want to own. Because these stocks that drift back, this has been about a 10 percent drift or so, more than that since the ultimate high when it first started trading; this is now in blue sky territory. If I stopped and thought about it I could probably make some pithy, witty comment about wing and flying and stuff like that. But lets just say, this is a stock that I think is going to work. As long as it just stays above this last level here I think WING ( NASDAQ:WING ) is going to work just fine; I hope so because I got a decent amount.
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