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Healthway Medical: Closing at 16c today is probably a relieve for shareholders of this company. 16c is where we find the flat 100dMA. 16c is also a many times tested support and likely to be a strong resistance. So, it remains to be seen if this could be taken out.
Volume has been thin and any upward movement in price is not convincing, therefore. Personally, I would sell into strength, especially if price continues to appreciate. Sell some at 16c and sell more at 17c? Maybe.
LMIR: A low volume day as the MACD crossed above the signal line and price closed at 46.5c, approximating the declining 20dMA. Volume has been declining as the price staged a rebound from a recent low of 42c. I would continue to queue to sell some at resistance as a hedge. I see a band of resistance from 47c to 48c.
Related post:
LMIR: Up against a wall?
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2 comments:
according to TA, when a supported has been tested many times, there's a high chance it will break too.
Hi ezinvest,
I think you misunderstood my statement. A many times tested support which has become a resistance is likely to be a strong resistance. That is what I meant.
As for a support that has been tested many times, I would not say that there is a high chance it will break. I would say that there is a chance it might break.
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