Winnebago Goes Uphill

Winnebago Industries (WGO) is testing its 52-week highs today. The stock has been extremely active since last Thursday's preopen earnings report, but until today it was unable to make any headway. Winnebago is gaining more than 7% as the week begins and may have a healthy wave of momentum underneath it. Shares powered past the May/June highs early in the session and are now bumping up against heavy supply near $22.35. The sloppy consolidative phase WGO has been stuck in for most of 2013 may be giving way to a new bull leg.

Once WGO reached the $20 level in early January, further upside has been difficult. The stock has chopped around in a rather wide range since then. After peaking in March, the stock was hit with a massive selling wave leaving behind multi-week highs near $22.35. WGO fell more than 20% in the aftermath but remained well above its 200-day moving average. The recovery since the April 22 lows has been steady, but it attracted very little volume. That trend began to change dramatically after Thursday's third-quarter report and has now pushed the stock into breakout territory. Adding fuel as shares move further into new high ground will be a relatively high short interest ratio of just over 5. If the shorts didn't feel the pressure during the initial post-earnings action, they are sure feeling it now....124 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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