Levels to Watch: 50DMA-$7.68, 100 DMA -7.93$, 200 DMA- $9.60.
Support 1- $6.75
Chart Glance: Looks like MWW formed a double bottom around $6.6-$6.7 level. MWW finally caught a bid on a large volume spike today. It is currently trading right below a primary resistance zone if it clears $8.45 level, then nothing but clear skies ahead IMO.
Jan 2014 Calls are raging today in anticipation of more momentum to the upside to come. Perhaps the bad news is behind MWW? Could this be the double bottom bounce we have been waiting for? Is MWW undervalued? Shares jump today after CEO states, “pursuing other strategic alternatives.” Facebook’s IPO will definitely impact MWW PPS and MWW’s “business model.” It is hard for long term investors to invest in MWW because of the lack of continuous revenue & earning growth. Finally, MWW is presenting in the Robert W Baird today at 9am.
By Greg Zimny