Not to poor cold water over your strategy, but I think you may have acted in haste. WOW has not tested a very strong support/ resistance level at 1245c. Also, the RSI has not reached the oversold level which suggests that there is still further downside in the short term. There is also a strong suggestion that the mid April and early May peaks were a double top, a strong reversal pattern. I would have waited for further confirmation either way before entering into such a trade.
By the way, Rene Rivkin has indicated in a recent newsletter that at a PER of 27, WOW has to be one of the more over-valued blue chips on the Australian market. For once, I have to agree with Rene.
Good luck with the trade, Crashy, but I would recommend a tight stop-loss at this stage.
Crashy goes long WOW, page-9
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 (20min delay)
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Last
$33.46 |
Change
0.160(0.48%) |
Mkt cap ! $40.88B | |||
| Open | High | Low | Value | Volume |
| $33.37 | $33.54 | $33.33 | $11.56M | 345.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 15 | 6807 | $33.45 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $33.47 | 133 | 2 |
View Market Depth
| Last trade - 12.56pm 10/10/2024 (20 minute delay) ? |
| WOW (ASX) Chart |