Many issues in the local market have dropped a lot and are currently going sideways. One exception to the rule is MWC.
MWC has been travelling inside a trading range and right now is consolidating inside what looks like an ascending triangle inside the channel. The good part to this is that this stock is still bullish despite the current downtrend in the market. Should this area of consolidation really prove to be an ascending triangle then we wait for the breakout. One thing noticeable about MWC which makes me wary of entering immediately is the bearish divergence showing in the MACD. Could this be telling us that MWC would be breaking down soon?
If it does then, all who have MWC must be careful when it breaks 17.75. We could see it go down to 14.25. If it should breakout, 19.25 is the resistance for this and we see an upside target of 22.50. That's IF it breaks out. Anticipating a breakout is different from anticipating the breakout but buying into it prior to the breakout. Let's not be idiots here.
Let's play it conservatively when the market is still unsure of its footing. Otherwise, if it was a bull market, I'd be the first one waiting when this breaks out.