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Healthway Medical looked as if it was going to lose its support at 14c at one point today as almost 10m shares were sold down at 14c and wiped out the entire buy queue. However, no selldown took place at 13.5c and buyers came back to close the day at 14c.
The 50dMA support has held up. This is meaningful as not closing lower today has helped the counter to take the first tentative step away from the lower limits of the Bollinger bands. It has also broken out of its downtrend resistance. It is still too early to say if this means that the correction is over but it might just be an early sign.
MACD has crossed below zero, confirming that the upward momentum is well and truly over. In the next session, if price continues to stay at 14c or higher, we could say more confidently that the counter might be moving into a consolidation phase.
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