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$NWH pennant

Panjang
NRW HOLDINGS LIMITED (ASX:NWH)  
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ASX:NWH   NRW HOLDINGS LIMITED
Chart Patterns
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chartpattern
A nice pennant forming here on $NWH. Low volume red bars compared to green bars is very constructive as it shows a lack of supply. Watch for volume if/when it breaks $1.20.

The weekly chart is showing that the long-term trend is now in Stage 2 (Markup phase) so can continue to watch for a long-term long signal.
Komen:
Strong breakout today after clear signs of absorption yesterday (strong close on good volume at the top of the pennant). It's always good R:R to initiate a position prior to the breakout when this occurs.

In my opinion, the best place to learn absorption is David Weiss' book Trades About to Happen (Chapter 7).
Penafian

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