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Healthway Medical: Broke out of resistance.

Friday, December 10, 2010

On 29 Nov, I mentioned that "I am wary of being whipsawed out. With the MACD hugging the signal line, this counter could go either way. However, with a picture of low volume pull back intact, comparing the high volume sell downs in mid October, when support at 16c was broken, to the current thin trading volume, the suggestion is that most of the weaker holders have been shaken out."


Healthway Medical has been seeing some buying interest in the last few sessions. Today, price broke out of resistance provided by the declining 20dMA at 15c and closed at 15.5c with 1,504 lots bought up at 5.05pm. A total of 13,794 lots changed hands today. If the buying interest follows through, we could see its share price rising to test resistance provided by the merged 100d and 200d MAs and that is at 17c.

It would seem that the positive divergence observed in the recent past is playing out nicely.



Related post:
Healthway Medical: Support at 15c broke.

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