The shares now look ready to attack the highs again. Let's check out the latest charts.
In the daily bar chart of WEN, below, we can see that prices successfully tested the rising 50-day moving average line. The 200-day line is still positive and the On-Balance-Volume (OBV) line has moved higher with the price action.
The Moving Average Convergence Divergence (MACD) oscillator has been in a take profits mode since late April but this indicator looks like it can turn higher with the price action and generate a new buy signal.
In the weekly bar chart, below, we can see that WEN has almost doubled over the past three years. Prices are above the rising 40-week moving average line.
The weekly OBV line shows a long decline but it has moved sideways the past two months.
The MACD oscillator is above the zero line in bullish territory but it has been narrowing in recent weeks. Hopefully the recent price strength will avoid a crossover of this indicator.
In this Point and Figure chart of WEN, below, we can see an upside price target of $26.50.
Bottom-line strategy: The chart of WEN doesn't offer traders a smooth uptrend but it looks like you can probe the long side for gains the the $26 area. Risk a close below $18 on existing longs and new longs.