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Following up on the bullish engulfing candles that I discussed in AWAY in this post, and then in Weight Watchers here, you can see below that both charts confirmed the reversal pattern with upside confirmation. In particular, WTW has seen a vicious short squeeze in the past week or so. At issue now is whether both charts have formed some type of durable bottom. The confirmed bullish engulfing candle is usually good for a swing trade over a period of a few days to one-to-two weeks, but beyond that we are going to need to see some consolidation and a major higher low, preferably with strong buyers arriving yet again to place a firm bid underneath these stocks trying to reverse course.
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