Wendy's Has 40% Upside After Breaking Out To All Time Highs

Shares of Wendy's have recently eclipsed its previous all time high made in 2007 following its announcement of Wendy's Breakfast. The market seems to think they can execute offering breakfast this time around. If they do, the chart suggests there is plenty of upside potential ahead. Applying fibonacci extension analysis to the closing highs of 2007 and the closing lows of 2008 generates a $34 price target at the 161.8% extension level, which represents 41% upside from current levels. Support at $22 is a key level that needs to hold and should be looked at for potential stop loss levels. 


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