HVN (Harvy Norman):28-08-2011 ---------------------------------- price had a bearish Head and shoulder pattern which has reached its exact target (it was predicted when price was $34 in (http://www.aussiestockforums.com/forums/showthread.php?t=18974&page=3)
but at around $1.8 , price touched the long-term support line and this line could manage hold the price from drop further...
Also at low ($1.8) , we had a positive divergence between price and CCI which caused price move to around 2.07
From Momentum and EMA 20 days we might have buy signal, once price touched EMA20 at around $2.07 but could not pass it, now price has touched again this EMA20 and resistance level of previous high around $2.07 and if price could pass up $2.07 successfully the buy signal would be issued.
Also the price is passing up the white resistance line (which share could not passed once at $2.07)
from fundamental point of view share has a booking value around $2.00 each share, which means it is trading around its booking value but average in its sector for this ratio is around 1.96 (price is 1.96 of the booking value) which give this impression that the probability that share go below 1.80 is low...
HVN Price at posting:
$2.02 Sentiment: None Disclosure: Held
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