Watch MOWLEM (MWLM)

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Construction Group MOWLEM has been forming as ascending triangle recently and is poised to breakout.
A close above 214p on volume would be strong.
 

Mooringsman

Junior member
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Mowlem

Money Flow Index has been in decline since 14th June so too has On Balance Volume, although the latter has started a gentle up hill trend.
 
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Hi Sam,

it's beginning to look like today is not the day to buy as the sellers have moved in the price is going down.

I would expect decreasing volume etc. when the stock is in consolidation it's just a matter of waiting for the breakout.
 

Mooringsman

Junior member
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Mowlem High

My chart shows and intra day high bid of 215p on 24th May. Should this be cleared too?

Sam
 
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Hi Sam,

I'd like to see very good volume and a close above previous closes otherwise a retracement might still be on the cards.
 
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Drop and continuation gap?

Just been looking at the mowlem chart again. Mowlem fell again yesterday after falling out of the consolidation/top it has been forming for the last few months.

There was a gap down and my guess is that it is a continuation gap marking the halfway point as we move toward the a downside target around 180p which happens to be near the 150 day ma.

Any views?
 

RogerM

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Wouldn't disagree with that analysis. I baled out this week at 200 as it fell thru both the trend and the consolidation pattern for a scratch trade. Not holding onto anything with any hint of weakness in this market.
 

RogerM

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Nope! Got bounced out at 140 for a 20p gain - fell thru support. Best holdings at the moment are JRVS, RBOS and Alexon. Still making money but it's b***** hard work!
 
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RogerM

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The resistance at the high volume consolidation says it all. Plus a textbook break of trend and a failure to make a new higher high. Could even be worth shorting?

Regards,
 
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Hi Roger,
the idea of shorting this has also crossed my mind several times since it brokedown from the conso but I don't think it's in the ft350 - do you know any spreadbetting company that would accommodate this?
 
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