Watch MOWLEM (MWLM)

[darth trader]

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]

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.

 

[darth trader]

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.

 

[darth trader]

MWLM closed today at 215p just making an all time high and volume was low.

 

[Mooringsman]

Mowlem High

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

Sam

 

[darth trader]

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.

 

[darth trader]

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]

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.

 

[darth trader]

Agreed Roger. BTW do you still hold Clinton Cards?

 

[RogerM]

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!

 

[darth trader]

looks like someone's been selling

http://www.advfn.com/cmn/news/newsmona.php?article=1629401&epic=MWLM

 

[RogerM]

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,

 

[darth trader]

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?

 

[Sparky]

Darth,

You can trade this one with Financial Spreads.

Good luck
Sparky

 

[ed crane]

Watch MOWLEM

interim results due to be published on thursday (6th)