Battle for the 200-day line has begun
After the share price of copper explorer Max Resource (WKN A2PT41 / TSXV MAX) was able to break out of the long-term downward trend in June, the upward movement has stabilized and is heading upwards above the blue trend line.
The breakout through the 100-day line in July was meanwhile confirmed by the successful back-test from above at the end of August. Currently, the price is finding support from the gray line, which has acted as resistance several times in the past months.
While the 200-day line is unfortunately still falling, the 100-day line fortunately managed to rise again at the beginning of September – all in all, the two average lines are neutral.
Markedly positive indicator situation
The indicator situation is to be seen positively: the MACD generated a chart technical buy signal at the first peak above the 200-day line, which is still valid so far – the blue line of this indicator has not yet fallen below the red line again. The Directional Movement Index clearly indicates an upward movement – the green line trades far above the red line and the blue line remains in the upper range, indicating a high trend strength.
The trend indicator has been holding above 100 for three months (except for a small slip in the days of the back-test of the 100-day line) and is thus trading in the positive zone. The Money Flow Index (sales weighted Relative Strength RSI) is clearly positive and could so far avoid being considered overbought (which would be the case from 80 upwards).
Source: Comdirect
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