WSM rose above its 8-month downtrend line in July. WSM had declined 54% from the November 2021 highs to the May 2022 lows. WSM is currently battling with the 200DMA; which was stiff resistance from December to March. The zoom chart shows that WSM is at support from its new uptrend line, which will most likely carry it over the 200DMA once and for all. WSM’s 50DMA is about to cross above the 200DMA, which was a very positive signal in 2020. The reverse was a very negative signal in 2022.
Jeff Marcus founded Turning Point Analytics (TPA) in 2009 after 25 years on trading desks and 13 years as a head trader to provide strategic and technical research to institutional clients. Turning Point Analytics (TPA) provides a unique strategy that works as an overlay to clients’ good fundamental analysis. After 10 years of serving only large institutions, TPA now offers its research services to mid and small managers, RIA’s, and wealthy sophisticated individuals looking for a way to increase their returns and outperform their peers.