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Healthway Medical: More upside?

Thursday, June 10, 2010

Healthway Medical overcame resistance at 17.5c today to close at 18.5c but not before touching a high of 19c.  Volume expanded significantly today. 19.5c could be tested next as the bearish divergence between price and volume was corrected three sessions ago.  MACD is rising in positive territory.  MFI and OBV are rising in tandem with the rise in price. 



Although I believe that Healthway Medical's fundamentals do not command the high share price we are seeing now, the market does not care about fundamentals.  Price is about market sentiments.

Related post:
Healthway Medical: A weak first quarter.
Healthway Medical: An updated valuation.

6 comments:

Anonymous said...

hi, was vested in healthway but released @ 0.17.. too early it seems. I was still monitoring healthway today and the price jumped 2 bids within a short time, with 2 transactions taking out majority of asking shares, 13mil and 6mil.

Do you have any view on this?

AK71 said...

Hi Anonymous,

I have divested almost all of my shares in Healthway Medical. I was waiting for its share price to become undervalued once more before accumulating. It seems that this is not to be. I have made my money and, now, others will make theirs. :)

Fundamentally, I am not convinced that Healthway Medical is worth 18.5c per share at this point in time although, technically, it is a target due to the fact that this is a long term resistance level.

The news that Peter Lim is now a substantial shareholder seems to have emboldened retail investors and, perhaps, there are other big players involved too.

Could you leave your name or initials in future comments? Thanks. :)

Michael said...

Hi AK71, i am newbie and i would like to buy Golden agriculture. now at 0.55. do u think it can buy. i predict that it will still go up to 0.75. Michael

AK71 said...

Hi Michael,

If you have been following my TA on Golden Agriculture, you would get a feeling that I am not too positive about this counter at the moment.

http://singaporeanstocksinvestor.blogspot.com/2010/06/charts-in-brief-16-jun-2010.html

Personally, I won't be buying at the current price. Buying at 55c would be buying at resistance. Anyone who buys at 55c would be doing so betting that 55c would be taken out. I am not good at gambling. Whenever I make a bet, I usually lose, and I have lost a few times already. Best to leave the betting to others. ;-p

Fundamentally, Crude Palm Oil (CPO) is on a downtrend. You can see the price here:

http://www.palmoilhq.com/

If you believe in TA, it looks like a double top was formed at RM2,700 or so. CPO is now at RM2,380. If the double top pattern is valid, CPO could fall further.

As for your prediction that Golden Agri's share price will hit 75c, would you like to share how you arrived at that target price? :)

michael said...

Good Morning Ak71, Oh i am totally new to stock and on my last comment i my just follow my instinct as golden agri.... will grow probably raise,not now but in times as prev drop from near $1 to now 55c. I know is danger to follow instinct hee. i am going to buy the book T.A for dummies to read and where do you get the chart with candlestick as i can apply too. Is this a good start off or how do i start with. now looking at the singpost for dividend, golden agri, saizen reit and esmart holding. Thanks Advisor. I find that this is a fantastic place for me to learn

AK71 said...

Hi Michael,

Instincts are actually important, in my opinion. Instincts complement my FA and TA very often. It could get a bit messy sometimes though. ;)

Judging a stock's potential by looking at past prices is, however, dangerous. We have to question if the fundamentals have changed. Use FA for this. We also have to question if the technicals are improving or not. Use TA for this. FA is about value and TA is about price.

Ultimately, it depends on what suits your personality. There are many ways to make money in the stock market and the best way is the one that you feel most comfortable with. Peace of mind is priceless. :-)

As for the charting software, the one I use is from ChartNexus and comes free with my brokerage account with Lim & Tan. You could also visit ChartNexus' website directly and download the software for free. Practice will not make perfect in TA but there is no other way. ;)

Remember to click on my ZUJI banner to see what good deals they might have if you are planning to travel. ;-p

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