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Fan Yang

Wendy's (WEN) Testing a Key Pivot at $18.20; $16.25 Could be Next

Wendy's $WEN has been bullish in 2019, but found resistance at $20.00 since June. After another failed attempt in early July, price has since been sliding.

WEN Daily Chart

(click to enlarge)

Support:
- After the almost month-long pullback, WEN is now testing a key support/resistance pivot at $18.20.
- We also see the 200-day simple moving average (SMA) around $18.
- This is indeed a key support area. 
- The RSI is tagging 30. Because the prevailing trend has been bullish, we can say that the RSI level suggests oversold condition.
- I think there is going to be support here. 
- However, if price rebounds but finds resistance at $19, the next test of $18 is likely going to crack it.
- If price does break below $18, the next key support might be $16.25, a previous support pivot, coincident with a rising trendline.

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