After nearly tripling in the past two months, what's in store for shares of Wingstop Inc. (WING) ? While the stock could fly higher in the months ahead, we also could see a bit of a correction in the near future.
Let's check out the charts and indicators.
In the daily bar chart of WING, below, we can see that prices have been trading sideways this month after their previous strong gains. Trading volume is steady and prices are above the rising 50-day moving average line and the rising 200-day moving average line.
The On-Balance-Volume (OBV) line moved up strongly from the low in March and has drifted slightly lower this month. This movement suggests that the aggressive buying from the middle of March is still holding those new positions.
The Moving Average Convergence Divergence (MACD) oscillator has turned lower for a take profits sell signal.