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tdp2664 InvestorPlace Serge Berger is the head trader and investment strategist for The Steady Trader . Sign up for his free weekly newsletter . Walgreen Co. (NYSE: WAG ) — With nearly 7,000 drugstores and specialty pharmacies, this company has a good foothold in the industry. Fundamentally speaking, Walgreen is keeping up its sales momentum despite the economic slowdown. The weekly chart looking back to 2007 shows that the uptrend off the bottom in 2009 is still very much in place, although support at the lower uptrend line doesn't come into play until the $31 to $32 area. The daily chart shows a key support level around $33.50 where WAG again found support at in August, and the stochastics look to have further room to the upside. However, note the looming gap right below that level, which works down to $30. Should the stock meaningfully break below $33.50 on a daily closing basis, I would expect the $30 level to act as a magnet. On the close-up daily chart there is the obvious downtrend line right here right now. A solid daily close above $36.30 may offer a decent entry point to the long side. Stops could be set around $33.70 with a profit target around $41. See Sam Collins' Daily Market Outlook: How to Spot the Next Market Reversal See Serge Berger's Daily Market Outlook: Sorry, Bulls, It's Still a Bear Market See Sam Collins' Trade of the Day: Sell GD Before the Next Big Decline
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