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  1. Home
  2. / Investing
  3. / Energy

Short-Term Pullback Doesn't Dim WEC Energy Group's Long-Term Picture

Traders might try to buy WEC a little closer to $54 and use a sell stop below $52.
By BRUCE KAMICH
Feb 12, 2016 | 03:21 PM EST
Stocks quotes in this article: WEC

Traders might want to buy this short-term pullback in WEC Energy Group (WEC) as the long-term picture looks positive.

In this one-year daily bar chart of WEC, above, we can see a nice rally since June. Prices are above the rising 50-day and 200-day moving averages. The On-Balance-Volume (OBV) line has been rising and confirming the rally since June. Chartists generally consider it a good sign when volume expands in the direction of the trend. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line.

The strength of this long-term chart of WEC, above, is what gives us confidence in suggesting purchases of WEC as it corrects lower. Prices are above the rising 40-week moving average. The OBV line has been rising for more than a year on this time frame and the MACD oscillator is positive. Traders might try to buy WEC a little closer to $54 and use a sell stop below $52.

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TAGS: Investing | U.S. Equity | Energy

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