Please ignore what I am about to say because I am rarely right about the markets.
I think the CWY medium term trend may be at risk. Could either correct or consolidate.
Reasons:
1. Three attempts to break above previous resistance of $1.23 have failed to remain above this level. If price cannot breakout in one direction then it is going to go back in the other direction searching for buyers.
2. Monthly price chart has that "I'm gonna rollover look about it."
3. Weekly MACD chart exhibits bearish divergence between price and MACD.
4. Weekly price chart shows a 3 wave overlapping trend (the trough of each wave falls below the peak of the previous wave). This often occurs at the end of a trend.
Monthly Chart:
Weekly chart:
CWY Trend intact, page-5
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 (20min delay)
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Last
$2.79 |
Change
-0.010(0.36%) |
Mkt cap ! $6.219B | |||
| Open | High | Low | Value | Volume |
| $2.78 | $2.79 | $2.75 | $12.45M | 4.470M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 134302 | $2.78 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.79 | 180680 | 9 |
View Market Depth
| Last trade - 16.10pm 19/07/2024 (20 minute delay) ? |
| CWY (ASX) Chart |