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Thursday, March 11, 2010

HealthWay Technical Analysis 11th March 2010

Technically..... for Healthway,

MFI did not make an equal or new high, and we had a gravestone doji yesterday confirmed today with a black marubozo... The volume shoot up is also with low volume as compared to the previous meteoric rise from 0.115 to 0.185 post rights.

The chart is as seen:

Healthway is at the upper end of the bollinger band as well. There's a potential double top formation to be formed at 0.185, with the neckline at 0.135.

On hindsight, there was a long accumulation period by the BBs from Aug 09 to Dec 09 before the ramp up in Jan 10. Whether this ramp up is long term remains to be seen, and if there's a retracement, the neckline at 0.135 will be critical.

On a more bullish note, Healthway could be in the initial stages of an ascending triangle, supported at 0.155 to 0.16. Nothing is mature yet, but both possible thoughts point to a short term bearish scenario... unless 0.185 is taken out by the buyers at one shot.

Good luck :)

5 comments:

  1. Hi JW,

    My TA for Healthway is in agreement with yours. Lots of noise out there and my guess is many will suffer. Just have to look at Healthway's thread in ShareJunction and you get an idea.

    Fundamentally, the revised fair value per share is now much lower than last year if people bother to do a FA for it.

    http://singaporeanstocksinvestor.blogspot.com/2010/02/healthway-medical-updated-valuation.html

    ReplyDelete
  2. Hi AK71,

    I'm thinking if Healthway will be another fairytale like Genting :(

    ReplyDelete
  3. Hi JW,

    Perhaps. :) We can never be too sure. I have divested more than 90% of my investment in the company. The smallish position I have left is more than covered by my profits from the divestment. So, my feelings are now rather pedestrian towards the counter.

    With the heavy dilution, fundamentally, I do not have any compelling reason to increase my exposure at current prices. I don't think my Guardian Angel would work overtime for me. ;)

    http://singaporeanstocksinvestor.blogspot.com/2010/03/healthway-medical-boost-from-dmg.html

    ReplyDelete
  4. Good blog.
    very interesting.
    Please hold out in the future.

    ...(I'd be pleased if you exchange reciprocal link with me.)
    my blog:
    http://forex-chart-analysis-and-a-cat.blogspot.com/

    ReplyDelete
  5. Hi AK71,

    there's no compelling reason indeed for HealthWay.



    Hi forex-cat,

    thanks for visitng. As mentioned earlier, your blog is unrelated to mine on top of being too new for me to add to my blog list. Sorry for that. :p

    ReplyDelete

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