Megawide Construction Corp. (stock symbol: MWIDE) has traded another leg of decline since my January post, and this stock now trades in a much tighter range. The wider 10-15 range is still intact.
Last traded on February 28 (last Friday), MWIDE sellers continue to guard 13 and this puts pressure on price to revisit or break the (incomplete) ascending trendline which cuts across 12. Resistance rests at 15, while support awaits at 10. The short-term bearish bias will remain as long as MWIDE is below the 13-15 area.
The Detrended Price Oscillator (DPO) broke below the zero level a few days ago.