AWE
Was widely discussed last week as it is responding so well to an array or TA methods.
Here is my take on its current position.
The measured move pulled up 8.c short. (146.5) Dosent mean we still wont get there or exuberantly pass it but other indicators are hinting of a possible turn.
1st chart explains what I was looking for as a possible target from which to start looking for an entry.
Measured move target 138
The new low is also supported by the Point and Figure chart from 2005.
P&F support
Having pulled up short and showing potential strength of the previous support it is now showing an ounce of divergence on the MACD and RSI. We now need to start to look ahead thinking that sentiment may be changing and an entry may be close at hand..
MACD Divergence
Looking for an entry
I have left the last 2 Count Back Lines in place to show you how they have both failed. We may or may not make a new low from which to draw a third CBL. However a break any CBL is one signal to buy.
CBL for entry
The next signal from watching the most recent Pitch fork in white. Here we have had a break of the upper tine and a rising trigger which has been tested once and convincingly rejected. A test or two before a possible break may be on the cards. A break of this and back test will also be a buy signal.
Rising Trigger
Over all IMO signs are starting to creep back into the chart to indicate that sentiment for this stock is changing. No need to rush atm as there will potentially be a few opportunities to jump in. You may miss the initial exuberance BUT it is better to be on the right side of sentiment than not.
