Healthway Medical: Strength

Healthway Medical's price action exhibited relative strength as it closed higher on a white candle day at 17.5c. This level is actually the XR adjusted level of the previous eventual target of 19.5c. All the more impressive. The new eventual target for the counter is 21.5c if 17.5c is taken out. Notice that the volumes on down days are actually lower than the volumes on up days for this week. That is a positive. The MACD has a buy signal today too.

The only negative I can spot is in the weekly chart which shows the MFI in overbought territory for the third week running. Conventional wisdom is that a counter cannot stay overbought forever but it can last quite long in extremely bullish cases.

I repurchased a chunk of Healthway Medical's shares at 16.5c and I would be quite happy to see it fly higher. If it sinks lower, I would carry on repurchasing as my current investment is only 40% of what it was originally before the counter ran up.