UWL, a recent IPO listing in the wireless telecommunication space has shown strength over the past few weeks with the first wave moving the stock from a 17.5c base to a 43c high (+146%) before consolidating on declining volume and running a further 60% from 42c to 67.5c, volume is again dropping off as the prior move is consolidated at circa 55c which sets up a potential third wave with a target of 81.5c (+48%)
The company have made one acquisition since listing a few months back and have recently attempted another as their strategy to become a major wireless internet provider takes shape. The company have also attracted some notable investment from industry veterans such as Philip Cornish, founder of Vodafone Au
Support at 43c (or -22%) has been prior resistance therefore becomes the SL point for this trade concept which gives the trade a risk reward ratio of 2.21