Bull Flag Forms In Mouwasat Medical As Volume Spikes
Bruce Powers | Feb 25, 2015 03:17AM ET
Mouwasat Medical Services Company (SE:4002), (MOUASAT) has formed a Bullish Flag pattern on its chart. Yesterday, the stock closed 2.35% higher at 140.22, while volume spiked 62% above the 50-day average, and reached a 10-day high. In this case, volume may be giving an early sign of what’s to come in this stock.
This is an aggressive flag pattern given the price action as it formed. Nevertheless, the Flag has developed around support of the previous 137.5 swing high, and the stock bounced off its 21-day exponential moving average (ema) on Monday, each supportive of a bullish outlook for MOUASAT.
An upside breakout occurs on trade above 141, and is further confirmed above 143.25. MOUASAT would then target 148, based on the Flag measuring objective. A decline below 134 support indicates that either the Flag will continue to form, or MOUASAT is starting to fail as a deeper pullback ensues.
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