Wednesday, July 19, 2006

Trade Ideas: RWR

The afternoon rally saw gains in a number of REITs. One which caught my attention was the streetTRACKS Wilshire REIT (RWR). The breakout from the declining channel was followed by a confirmation retracement to gap support ($75.25), followed by today's bounce. Larger resistance lurks at $79.15. The ETF pays a 3.9% yield. The point-n-figure chart holds to a triple top breakout from June 30th with a target of $95. A more flexible stop would be placed on a loss of $70.

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