Here’s my week in review:Starting with the weekly chart, UWL...

Here’s my week in review:

Starting with the weekly chart, UWL continued its winning run with a third consecutive week of growth. The week opened at a record high of $1.81, being a 6-cent gap up from the close of $1.75 on Friday June 21st. This gap of 6 cents may be a record between the close of one week and the open of a following week:



Notwithstanding (or perhaps because of) the recent growth, UWL underwent a considerable stress test on Tuesday. It experienced a record drop of 30.5 cents, or 16.58% of its value. That day’s volume represented over 4 million shares, which might be the third-highest volume in this stock’s history.

In any case, UWL proved its strength by recovering that day’s loss - within 3 trading days - and reaching an all-time closing high by the end of it.

All eyes are on whether the stock can reach $2.00, after briefly reaching $1.98 on Friday. The 1-hour chart shows that the trend began on the morning of the 26th. It ran out of steam after lunchtime on the 28th:



Perhaps some of the selling pressure came from those looking to sell by the end of the financial year, and end FY 2018-19 on a high note.

Moving to the daily chart, a pattern of alternating phases of growth and consolidation has emerged. These phases have usually lasted for 1-3 weeks:



Besides price action, this excerpt from the Australian Financial Review is my quote of the week:

“In summary, NBN spent about $10,000 per household building a fixed wireless network that is so poor that there are hundreds of users unable to get download speeds greater than 6mps between 7pm and 11pm each night. NBN admits it will cost about $800 million and take about a year to fix this particular mess.”