Medium-term buy signal provided by the averages
The six-month chart of Australian technology developer for water treatment Parkway Corporate (ASX: PWN: FRA: 4IP) shows the continuation of the sideways movement shown in the last chart check, until the end of August. The positive trend then continued very clearly: accompanied by high turnover, the stock managed to jump above both average lines, followed by a steady upward movement above the blue line (the pole of the flag formation). For seven weeks now, it has been moving sideways in a narrow range between AUD 0.0115 and AUD 0.013 – with turnover tending to decline somewhat.
A very typical flag formation (blue) can be found in the price movement since August. If the upward breakout is successful, this formation has a potential equal to the previous extension, i.e. just under AUD 0.02.
The moving averages show a clearly positive picture: both lines are rising and the 100-day line was able to generate a medium-term technical buy signal by crossing the 200-day line.
The indicators reflect the narrow sideways movement. MACD and stochastics produce buy and sell signals in rapid alternation, which are only slightly pronounced and therefore rather insignificant. The trend confirmer began its positive assessment above 100 back in August with the breakout from the downward trend and has remained unbroken since then despite a slight decline. The Money Flow Index (sales-weighted relative strength RSI) was overbought (values above 80) only once, near the August breakout – since then it has steadily declined and is approaching the neutral zone. The overbought/oversold indicator, which has been considered overbought three times at 2.0, has ultimately followed the same trend, but has been oscillating between neutral and slightly positive for some time now.
Source: Comdirect
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