Williams-Sonoma Could Be Bottoming

Williams-Sonoma (WSM) may be in the early stage of a bottom. The stock has been under heavy pressure this month and, after six straight down sessions, its 200-day moving average has been hit. This is the first test of 200-day support since August of last year, which is just below is the June lows. The stock mounted a big rally off this level after a very volatile start of the month and, by early August -- after a 17% surge -- the stock had topped out. The 10-week bull run ended with a major downside reversal on Aug. 28.  The earnings-inspired flush dropped shares 4% on the heaviest downside trade in 18 months.

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