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.
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$33.43 |
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Open | High | Low | Value | Volume |
$33.37 | $33.49 | $33.33 | $5.189M | 155.1K |
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10 | 444 | $33.43 |
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11 | 2124 | 33.410 |
15 | 4110 | 33.400 |
6 | 1196 | 33.390 |
7 | 2557 | 33.380 |
Price($) | Vol. | No. |
---|---|---|
33.430 | 5 | 1 |
33.440 | 1383 | 4 |
33.450 | 3136 | 9 |
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