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Charts in brief: 2 Jun 10.

Wednesday, June 2, 2010

Healthway Medical: Closing at 16c today is probably a relieve for shareholders of this company. 16c is where we find the flat 100dMA.  16c is also a many times tested support and likely to be a strong resistance. So, it remains to be seen if this could be taken out.




Volume has been thin and any upward movement in price is not convincing, therefore. Personally, I would sell into strength, especially if price continues to appreciate. Sell some at 16c and sell more at 17c? Maybe.

LMIR: A low volume day as the MACD crossed above the signal line and price closed at 46.5c, approximating the declining 20dMA. Volume has been declining as the price staged a rebound from a recent low of 42c. I would continue to queue to sell some at resistance as a hedge. I see a band of resistance from 47c to 48c.






Related post:
LMIR: Up against a wall?

2 comments:

ezinvest said...

according to TA, when a supported has been tested many times, there's a high chance it will break too.

AK71 said...

Hi ezinvest,

I think you misunderstood my statement. A many times tested support which has become a resistance is likely to be a strong resistance. That is what I meant.

As for a support that has been tested many times, I would not say that there is a high chance it will break. I would say that there is a chance it might break.

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