The chart is looking much better now. Last year we had an exponential pattern which began to fail as the price went sideways in early January. A sharper correction followed. The exponential move for most of last year was justified to get the price up rapidly to reflect the new growth phase but eventually it got to the point where that exponential slope was no longer sustainable. The price probably overshot on the correction and then as the price recovered, a Head a Shoulder formed. If the price later broke significantly below the neckline (around $2.70) then a bearish view would have been justified. Instead, the price has broken above the top of both shoulders, confirming a more bullish view. That always seemed the most likely outcome as the company grows through Europe. My bet is we will be heading up from here to retest the $5 high. If Europe goes well, we should see new highs. That's going to be a few months away before we start seeing data from there but plenty of upside from here before we retest $5. If we see large enough retailers interested in our product then we might not have to wait for data before breaking $5. Next few weeks and months should be very interesting. Most likely direction for the sp over the next few months is up.
MWR Price at posting:
$3.70 Sentiment: Buy Disclosure: Held
