MACD indicator gives buy signal
After the end of the downward trend was analyzed in the last chart check of Canadian base metal explorer Cerro de Pasco Resources (CSE CDPR / WKN A2N7XK), the positive development that followed can be seen in the current six-months chart.
The bottom formation from the winter months (gray lines) led to a price peak, which was followed by a four-month consolidation. The slightly falling blue trend line and the new support zone (orange lines), which is higher than the previous one, formed a solid base. A few days ago, the share price literally exploded and effortlessly overcame the blue line and both average lines (accompanied by very high turnover), reaching a new twelve-month high intraday.
100-day average has been rising since March
The 100-day line has been rising since March and crossed the 200-day line upwards three weeks ago (which is considered a medium-term technical buy signal). The 200-day line has also been moving upwards again for a few days – albeit only imperceptibly so far.
The MACD indicator generated a technical buy signal in the first few days of May (the blue line crosses the red line upwards), which is currently gaining in strength. The DMI is just as positive – the green line has risen above the falling red line and continues to move upwards. The blue line indicating trend strength is also continuing to rise. The Chaikin Money Flow repeats the striking picture from the previous chart check. According to the way this indicator is calculated, the almost exclusively green movement indicates an inflow of capital into the share over the entire period – currently again at a very high level. The Money Flow Index (sales-weighted relative strength RSI) could have more of a dampening effect. It has just risen above the value of 80 – from here the indicator is considered overbought.
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