Healthway Medical's share price seems to be holding up pretty well even after XR. However, today's price action formed a doji after the previous two white candle days. That is always "iffy".
The MFI has formed a higher low which suggests that buying momentum exists but it is very close to crossing into the overbought region. We still do not see a buy signal on the MACD and I get a feeling that the counter is consolidating, doing a correction using time. If this is right, the price is unlikely to decline very much further and is waiting for the 20dMA to catch up before moving higher.
Adjustments have been made to the chart after the counter went XR on 19 Jan. So, I've redrawn the Fibo lines and we have a support level at 15c (61.8%) which is where the 20dMA is headed towards by end of this week. Downside should be limited to 15c if the counter is indeed doing a correction using time. New eventual target is also adjusted for XR and is now at 21.5c (down from 24c) as indicated by the 161.8% Fibo line.
I have repurchased some shares at 16.5c as a hedge. I will now wait to see if the counter is indeed doing a correction using time or if it would correct in price to hit 15c.
FAKE ASSI AK71 IN HWZ.
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2 comments:
Hi Ak71 I follow your blog closely. Just to ask a noob qn, how do we get the rights shares if we qualify for them?
Hi, CDP will be sending you a big envelope with all the details soon. If you bought your shares using margin, you will have to check with your broker. Usually, you don't have to do anything until you are contacted. Wait for the good news. :)
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