May 13, 2009
AWC Fibonacci Retracement Level
By Planet Wealth
Like many other stocks AWC is one that hit all time lows in the crash of the market. But again like many other stocks it is now showing possible signs of recovery.
After hitting a low of $0.79 in March 2009, the weekly chart has now made the first set of Higher Peaks (HP) and Higher Troughs (HT), which tells us the bulls are in control. Should AWC find the strength to break past the $1.70 resistance, there is a clear run to $4.00. It is reasonable to reckon that this would be a likely target with the supporting evidence the chart presents us. One, there is no major resistance between $1.70 and $4.00 to stop the stock and Two, $4.00 is a powerful Fibonacci Retracement level of 38% if measured from the beginning of the current bear run.
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