Technical potential up to around A$ 0.08
The six-month chart of Australian copper explorer American American West Metals (WKN A3DE4Y / ASX AW1) has been showing a downward trend below the blue trend line since the summer, which bottomed out at 0.04 Australian dollars in mid-December. With the upward impulse of the last 10 days, though, the trend line and the 38-day line were clearly overcome.
Which also completed the right leg of the yellow W-formation, which opens up technical potential up to around AUD 0.08 if the neckline (approx. AUD 0.06) is overcome – this would then reach the 100-day line.
Unfortunately, both average lines are currently falling further – this is due to the relatively long duration of the downward trend.
Back in December, the MACD indicator gave a buy signal that remained valid by crossing the blue line upwards through the red line. The trend confirmer reached the 100 mark yesterday, above which positive territory would have been reached. For the first time in a few days, the Chaikin Money Flow has signalled an inflow of capital into the stock by moving into the green zone. With a value of 45, the Money Flow Index (sales-weighted relative strength RSI) has been able to move away from the oversold area (20-30) and would still have some room to rise even after exceeding the neutral 50 before an overbought rating would be reached (70-80).
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