Watch MOWLEM (MWLM)

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
29 1
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.
 
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
29 1
Mowlem High

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

Sam
 
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.
 
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

Established member
752 6
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

Established member
752 6
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

Established member
752 6
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,
 
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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