Recreational vehicle (RV) manufacturer Winnebago Industries (NYSE:WGO) came under selling pressure Wednesday after reporting earnings. The RV giant traded as high as $58.65 at the open before rolling over. Mid day Wednesday, WGO was trading lower by $4.20 to $53.20 a share.
Trouble Ahead
The daily chart pattern is now signaling a high-volume reversal day (bearish engulfing bar) and this should lead to further downside in the coming sessions. Traders should now watch for important daily chart support around the $49, which is where the stock broke out of a weekly chart base in mid November.