19.5c remains a stubborn resistance level which refuses to be taken out. Price action started the day at 19c, reached a high of 19.5, only to close at 18.5c, forming a black spinning top in the process. This is often a sign of a probable bearish reversal. MFI shows the buying momentum continuing to level off and the OBV shows that accumulation has halted. The only consolation is that all these negative signs are accompanied by much reduced trading volume.
With this week's spectacular run up in price, new support and resistance levels should be drawn. Using Fibo lines, we identify initial support at 16.5c (61.8%), 16c (50%) and a stronger support at 15c (38.2%). Eventual target at 19.5c is still the resistance to watch. If 19.5c is taken out, the next eventual target is 24c.
It is hard to maximise gains but we can always optimise gains and to do so, we cannot go very wrong selling at resistance and buying at supports in an uptrend.
FAKE ASSI AK71 IN HWZ.
Featured blog.
1M50 CPF millionaire in 2021!
Ever since the CPFB introduced a colorful pie chart of our CPF savings a few years ago, I would look forward to mine every year like a teena...
"E-book" by AK
Second "e-book".
Another free "e-book".
4th free "e-book".
Financially free and Facebook free!
Subscribe To ASSI
Posts
Comments
Monthly Popular Blog Posts
-
I spend a lot of time thinking. Some say I am a thoughtful person. However, some say I think too much. We are all wired differently, right? ... -
This morning, I sold half of my investment in Alibaba for a 51% capital gain. It has been a long time since I last did any trading and this...
-
I have said for many months that interest rates are likely to stay higher for longer. Higher for longer interest rates are good for not only... -
Been a while since my last blog post. I have been busy with many things at home and I have not been looking at the stock market. The last ti... -
Following my last blog post on a reader's predicament and an earlier blog post in which I said people are naturally attracted to large n...
All time ASSI most popular!
-
A reader pointed me to a thread in HWZ Forum which discussed about my CPF savings being more than $800K. He wanted to clarify certain que... -
The plan was to blog about this together with my quarterly passive income report (4Q 2018) but I decided to take some time off from Neverwin...
-
Reader says... AK sifu.. Wah next year MA up to 57200... Excited siah.. Can top up again to get tax relief. Can I ask u if the i...
-
It has been a pretty long break since my last blog. I have also been spending a lot less time engaging readers both in my blog and on Face...
-
I thought of not blogging about my 2Q 2020 passive income till a couple of weeks later because Mod 19 of Neverwinter, Avernus, just went liv...
Bloggy Award
4 comments:
Good evening,
I'm impressed by your judgments. Can you share how did you obtain target of 24c? Thanks!
Hi Zac,
I could not show the Fibo lines above 100% in the chart I appended for this post but if I could extend the chart upwards, you would be able to see 161.8% at 24c. That also coincides with the the opening price of Healthway Medical's shares on 4 Jul 08.
The share price reached a high of 27c that day only to close at 22.5c and the downward slide continued till end of Oct 08 before enjoying a brief bounce in Nov 08. Lots of unhappiness then, you can imagine. Therefore, 24c is a very plausible eventual target if 19.5c is taken out as it is a strong psychological resistance level on top of being a Fibo resistance level.
I know DMG has a target price of 28c for Healthway Medical. Very nice but it's a 12 months target, I'm sure. I would be very surprised (and happy) if it happens anytime soon.
Thanks loads! Waiting for correction in high anticipation!
We are not the only ones waiting to buy more Healthway Medical shares at lower prices. So, put in your buy queues early. Good luck, mon ami. ;)
Post a Comment