Wabash National Corporation (NYSE: WNC)

Wabash National Corporation engages in designing, manufacturing, and marketing standard and customized truck trailers, intermodal equipment, and transportation related products in North America. It operates in three segments: Commercial Trailer Products, Diversified Products, and Retail. The Commercial Trailer Products segment manufactures truck trailers; proprietary composite products; dry van trailers; standardized sheet and post, and refrigerated trailer products; and steel and aluminum flatbed, and dropdeck trailers. The Diversified Products segment focuses on diversifying its product offerings using intellectual technology. It offers complementary products to company's truck trailers and transportation equipment; AeroSkirt, an aerodynamic solution for over-the-road trailers; and customer-specific solutions to original equipment manufacturers and aftermarket customers. The Retail segment operates 12 retail branch locations, which sell new and used trailers, aftermarket parts, and services throughout the United States.
To review potential trading opportunities with Wabash's stock, please take a look at the 1-year chart of WNC (Wabash National Corporation) below with my added notations:
WNC formed a double top price pattern (red). Double tops are reversal patterns and are as simple as they sound: Rallying up to a point (T), selling off to a support, and then rallying back up again to approximately the same top (T). As with any price pattern, a confirmation of the pattern is needed. WNC confirmed its pattern by breaking the $9 support (purple) that was created by the double top pattern.
Chart patterns can also provide price targets. Simply take the height of the overall pattern and add or subtract that amount to or from the breakout or breakdown point to get the minimum price objective. For example, since the double top pattern for WNC is $2 high ($11 - $9), WNC should fall to a minimum of $7 ($9 - $2). Chart pattern price targets are certainly not guarantees, but they are often fulfilled.
The Tale of the Tape: WNC has broken down from its double top and should be moving lower overall. A short trade could be made on any rallies back up to $9, while a long trade could be made if the stock were to break back above the $9 level.
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