The email address in "Contact AK: Ads and more" above will vanish from November 2018.

PRIVACY POLICY

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...

Past blog posts now load week by week. The old style created a problem for some as the system would load 50 blog posts each time. Hope the new style is better. Search archives in box below.

Archives

"E-book" by AK

Second "e-book".

Another free "e-book".

4th free "e-book".

Pageviews since Dec'09

Financially free and Facebook free!

Recent Comments

ASSI's Guest bloggers

Healthway Medical: Black spinning top

Friday, January 8, 2010

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.

4 comments:

Zac said...

Good evening,

I'm impressed by your judgments. Can you share how did you obtain target of 24c? Thanks!

AK71 said...

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.

Zac said...

Thanks loads! Waiting for correction in high anticipation!

AK71 said...

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. ;)


Monthly Popular Blog Posts

All time ASSI most popular!

 
 
Bloggy Award