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Healthway Medical: Second black candle day in a row and we see a sell signal in the MACD histogram. MFI is turning down in overbought territory. An initial correction to 18c where we find the 38.2% Fibo line is not difficult to imagine. Stronger support could be found in a band between 16.5c to 17c.
LMIR: Volume expanded nicely as price closed at 48c, avoiding another doji. We will now need confirmation that 47.5c is resistance turned support. Negative divergence between price and volume although still visible has weakened somewhat with today's higher volume. In case 47.5c fails to hold as support, immediate support is at 47c followed by 46c.
Golden Agriculture: 55c is proving to be a tough resistance to overcome. Both the 50d and 100d MAs are providing resistance at that price. Today's black spinning top could serve as a reversal signal. Will need confirmation. The negative divergence between price and volume is obvious. I would stay cautious and not go long here. Immediate support in case of further weakness is at 51.5c, as provided by the 200dMA.
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Charts in brief: 16 Jun 2010.
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2 comments:
Hmmm....things certainly not looking good for Golden Agr but lucky the selling volume is low.
Hi Dou,
I am waiting for a clearer picture here. No hurry. :)
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