CWG chart looks strong, despite price consolidation (27 Dec 16)

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CWG International Limited (“CWG”), former Chiwayland, closed unchanged at $0.156 on 27 Dec 16. Based on Chart 1 below, notwithstanding the recent price consolidation, all its exponential moving averages (“EMAs”) are still rising strongly, indicative of an uptrend. OBV is at elevated levels despite the price consolidation (i.e bullish). Amid positively place directional indicators, ADX is around 25, indicative of a trend. RSI closed at 56. Although the usual benchmark for RSI’s overbought level is around 70, it is noteworthy based on historical records, its RSI can reach 90 before profit taking occurs.

All in, the chart looks positive. A sustained break below $0.135 negates the bullish tinge in the chart.

Chart 1: CWG – on an uptrend despite price consolidation


Source: Chartnexus 27 Dec 16

Near term supports: $0.154 / 0.151 / 0.148

Near term resistances: $ 0.168 / 0.170 / …

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