Averages with medium-term buy signal

The twelve-month chart of the Australian graphite company Ecograf (WKN A2PW0M / ASX EGR) shows a steady price decline below the purple trend line since March 2023. Shortly after the September low, a massive upward impulse led the price to the twelve-month stop at the end of October within a few weeks – both average lines, the downward trend line and the gray resistance line were easily overcome. In the subsequent consolidation, the price reached the purple downward trend line, which was successfully tested twice from above – the blue upward trend line was also established. This was the starting point for the next upward impulse a week ago, which again easily broke through the two averages and the blue and gray lines. Yesterday’s consolidation led the price to the gray line at 0.175 Australian dollars, which should now act as support.

The 200-day line is still negative and continues to fall. In contrast, the 100-day line has been rising for several weeks and was able to generate a medium-term technical buy signal by breaking above the 200-day line.

A technical buy signal was recently generated by the MACD and the Stochastic indicator (blue line crosses red line upwards) – the latter is already close to the upper limit of its range and could soon turn to sell again. For the first time in 2024, the trend confirmator also made a clear leap above the neutral mark of 100 into positive territory. The fast-reacting overbought/oversold indicator reached an “overbought” rating of 2.5 (> 2.0) for the first time a few days ago – however, yesterday’s consolidation was enough to bring it back close to the neutral zone slightly above zero. The Money Flow Index (sales-weighted relative strength RSI) has been rising steadily since the low in January (when it was almost considered oversold at just above 20) and, at 65, is clearly positive but not yet overbought (from 80).

Disclaimer: GOLDINVEST Consulting GmbH offers editors, agencies and companies the possibility to publish comments, analyses and news on https://www.goldinvest.de. These contents serve exclusively the information of the readers and do not represent any kind of call to action, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. Furthermore, they in no way replace an individual expert investment advice, it is rather promotional / journalistic publications. Readers who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. The acquisition of securities, especially with shares in the penny stock area, carries high risks, which can lead to a total loss of the invested capital. The GOLDINVEST Consulting GmbH and its authors expressly exclude any liability for financial losses or the content guarantee for topicality, correctness, adequacy and completeness of the articles offered here. Please also note our terms of use.

According to §34b WpHG and according to Paragraph 48f paragraph 5 BörseG (Austria) we would like to point out that principals, partners, authors and employees of GOLDINVEST Consulting GmbH hold or may hold shares of EcoGraf Ltd. and therefore a possible conflict of interest exists. We also cannot exclude that other stock letters, media or research firms discuss the stocks we recommend during the same period. Therefore, symmetrical information and opinion generation may occur during this period. Furthermore, there is a consulting or other service contract between EcoGraf Ltd. and GOLDINVEST Consulting GmbH, which means that a conflict of interest exists.

Latest News

Latest Videos