I only bought into WTC for a short term trade when it started moving up just prior to its major flame out. I had a stop loss of $23.80 (not a booked order however as I rarely use hard stops) but as it has stopped dead on a support level of $21.42 I thought it was worth pressing on into the unknow, however more falls yesterday to have an intra-day low exactly on the next support level and a calculated target I had for a bottom ($18.11). Having closed a bit above its low and despite the numerous posts suggesting the stock was facing Armageddon, I decided to throw the dice again and its small recovery looks promising. However, its too early to take of the asbestos underwear just yet. T/A theory says that after a selling climax (certainly met that definition!) there will be an automatic response in the form of a short rally and most likely and extended sideways action for some time. I'd see $23.20 as a level of resistance from where price might fall back towards its low of yesterday before moving back up again.I'll probably take a small loss and exit the trade when the initial price reaction looks like its hit the wire. I'm not expecting an amazing recovery in price - but then I wasn't expecting price to crater as it did.Fingers crossed yesterday's low holds.
For the benefit of the T/A doubters the red dashed lines are natural support/resistance levels calculated mathematically rather than by eyeballing the chart. Those levels were calculated some time ago before the fall (see my post above of 19th) - so they haven't been concocted with hindsight. The target was calculated Wednesday after the fist day down. Quite amazing how the price respected the levels.
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I only bought into WTC for a short term trade when it started...
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Last
$92.40 |
Change
-3.990(4.14%) |
Mkt cap ! $30.90B |
Open | High | Low | Value | Volume |
$93.85 | $95.20 | $92.40 | $37.83M | 407.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 100 | $92.32 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$92.85 | 247 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 100 | 92.320 |
1 | 100 | 92.130 |
2 | 351 | 92.100 |
1 | 1 | 92.020 |
1 | 250 | 92.010 |
Price($) | Vol. | No. |
---|---|---|
93.980 | 555 | 1 |
94.230 | 142 | 1 |
94.550 | 175 | 1 |
95.200 | 1000 | 1 |
96.380 | 10 | 1 |
Last trade - 16.10pm 02/08/2024 (20 minute delay) ? |
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WTC (ASX) Chart |