Walgreen Forming “V” Bottom on Daily Chart

05/01/2009 12:01 am EST

Focus: STOCKS

Walgreen Co. (WAG) - This operator of a large chain of drug stores fell from a high of $51 in 2006 to below $22 in March of this year.


But since March, WAG has rallied on strong volume, forming a "V" bottom before comfortably breaking through its 200-day moving average at a double top.

The trading target for WAG is $36, but long-term buyers may want to position this high-quality retail stock in their portfolio, too.

By Sam Collins of OptionsZone.com

 

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