Seems like accumulation is going on in this stock? Looks like it, at least not out yet. If you can wait, just go inside this consolidation region now. It is lying in a base of $0.53.
Investing is a waiting game. Let us quietly see what might happen.
Mewah price now: $0.545
Target 1: $0.60
Target 2: $0.665 - $0.70
Update on 22nd Jan
There are friends who ask me about this stock that we recommended. At the time of recommendation, it is $0.545. It went up to highest $0.59 before dropping, 1 cent off our target price 1. (Sometimes luck just isn't there)
Those who are still in the stock, this is my opinion. This stock has a strong support at $0.50. If you are a long term trader, I encourage you to hold as I think oil prices in the mid term will likely continue higher which is good for Mewah.
Short term traders, my opinion is to liquidate position as emotions may interrupt our trades. I will always want to liquidate first if the stock drop for a few days as I want to be at the best psychology everyday! But remember not to abandon the stock totally. It might be like OSIM, ding dong and bouncing around in a box.
If it rebounds, there is still a chance to go in again. We should keep at a lookout at $0.50, major support to see if there is a bounce. We need an up day now to see if professional money is still inside the stock. My opinion is they still are.
(JUST something to share: If you go in early like me at $0.545, and you are a short term trader, always have the habit of liquidating your position at breakeven whenever it rises but comes back to breakeven point again. This should be a trader's habit and best weapon to guard your downside in case you are wrong.)
That always sound easy, but tough to execute. But if you practice that, you are on the way to be a disciplined trader.