One-year upward trend continues

The annual chart of Australian copper explorer American West Metals (WKN A3DE4Y / ASX AW1) shows a longer-term price consolidation after last year’s brilliant summer boom, which bottomed out at the round mark of 0.10 Australian dollars – from here, a (slower) upward movement began again, which always ran above the long-term purple trend line. In mid-April, the price then broke above the blue downtrend line that had emerged as a result of the consolidation – and the 100-day line was also exceeded again.

The 200-day line, which was recently reached but not overcome, has been running more or less horizontally since April following the previous rise, whereas the 100-day line has fortunately been rising again somewhat since the beginning of May – although it should be noted negatively that it is still below the 200-day line (since the end of January).

The MACD indicator oscillates relatively frequently between technical buy and sell signals within a small fluctuation range – the latter occurred a few days ago. The trend confirmer, which has been in positive territory above the 100 mark for two months, is currently trending sideways. The Chaikin Money Flow has been in the green zone since mid-April, indicating an inflow of capital into the stock – with a slight upward trend. The Money Flow Index (sales-weighted relative strength index RSI) oscillates strongly between the extremes. During the current upswing, however, the overbought level of 80 was no longer reached – at 60, this indicator is close to the neutral midpoint. Following a sharp decline, the overbought/oversold indicator is already in the negative zone and is rapidly approaching the previous lows that heralded an upward turnaround (usually also in the share price).

Source: Comdirect

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