Healthway Medical closed 0.5c higher at 19c today on much reduced volume. MFI has flattened in the overbought region and OBV inched up ever so slightly. I am a believer in chart patterns. See how the cup formation troughed at 9.5c and topped out at 14.5c? The target price in case of a breakout of the top of the formation is just a projection of the trough to the top and beyond which gives us 19.5c. This target price was reached in just one week from the midpoint of the cup pattern at 12c. Fast and furious indeed. Will it find fuel to extend the run or will it soon turn lower? It is quite obvious that there is more risk of a downside than a probability of an upside at this stage. I sold more shares in Healthway Medical today and I am left holding only 25% of my original investment. Why not sell all? It pays to remember that the market can be perverse. Always hedge.
Breaking 19.5c resistance will give an eventual target of 24c. Any correction in price will find initial support at 16.5c with a stronger support at 15c.
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2 comments:
I got some shares in Healthway which I'm going to hold on for a while. I was looking at another stock from the same sector, Healthcare Pacific. What do you think of it's prospect?
When I was considering which healthcare services provider to invest in last year, I considered Pacific Healthcare too as the share price was similar to Healthway's at that time.
I dropped Pacific Healthcare because although its revenue was comparable to Healthway's, its operating profit was only a third of Healthway's. That suggested to me that Pacific Healthcare had issues with containing operating costs. A few months later, Pacific Healthcare actually had an operating loss while Healthway was healthily profiting ahead and by then, there was a 30% difference in the share prices of the two companies.
Having said this, Pacific Healthcare recently attracted the attention of a deep pocketed Middle Eastern investor. This might or might not rejuvenate the company. If you are interested in Pacific Healthcare, I would suggest keeping an eye on any announcements by the company on their future business plans and current performance. You might also want to go through their past financial statements to see if you like their numbers.
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