TWE has been one of the stars of the Australian stock market. “Buying the Dip” in TWE has been a lucrative strategy with TWE for a few years now.
Recently, TWE fell heavily after the company reported a problem with clearing stock into the Chinese market. Nobody knew whether it was just a bureaucratic hitch or some pay-back by Chinese authorities for a negative political attitude in Australia towards China.
Here’s the chart:
TWE moved up steadily this week. It is now in an ascending triangle pattern. If it breaks above that we might get some solid momentum happening. But then it is faced with a series of resistance levels. Stay with the stock.
If it breaks below the 200-DMA – cut losses.
TWE Price at posting:
$16.99 Sentiment: Buy Disclosure: Not Held
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