Fundamentals aside, I think the share price needs to bounce here otherwise 61.5c might be the next support level. What the chart is telling me.
1. In a downward channel since mid August. However, on the lower-side of a larger upward channel. I have excluded the large wick on the 18th of August as this was a one off event and IMO creates unnecessary noise.
2. We fell through the trend line (green line) on the 22nd of December.
3. We are currently at a strong 618 fib level. For the purposes of the fib I used the long wick on the 18th of August. A bit of a one off event and I don't personally see it as strong data. If I move it down to the candle - so it is more consistent with the following day (and thus eliminating noise) - then the fib 618 level is at the 61.5c area (picture attached)
4. On the lower band of BB - I would expect it to try and make it's way back to the centreline (at least in the short term anyway)
5. RSI is currently lower than what it was was during Covid - and that was a "black swan" end of world event. Suggesting it is considerable oversold.
6. Currently sitting on the 200 and 50 day moving average lines.
7. MACD suggests it is currently bearish
8. Nothing significant of late in terms of volume of candle stick patterns.
With the above said there is plenty of reasons for WOA to bounce back (from a TA and FA perspective). However, if it doesn't and it fails on all points, then I suspect 61.5c or 47.5c might be the next areas of reversal (worst case being 40c area - IMO).
I currently hold myself, but considering my options. I want to see it bounce where it currently is and then break the red decline trend line. I think the company has a good long term future, but not so sure about the short term share price movement.
All in my own opinion. DYOR. Ultimately, the decision comes down to your own trading plan. Personally, If I were to enter now, I would have a tight stop loss as I see this currently sitting at the last line of multiple defenses. I think their are better set ups elsewhere - particularly in the short term.
