The one-year chart of the Australian company Ecograf (ASX EGR / WKN A2PW0M) shows a price decline since the beginning of the observation period, which has been below the blue downward trend line since February of this year. Following a bottoming-out phase in September and October – accompanied by very strong trading volumes – the share price rose sharply above the blue downward trend line and the two moving averages. All three lines have already been successfully backtested from above (purple circles).
Fortunately, the 100-day line has been rising again for three weeks and the 200-day line has also ended its downward trend and is already moving sideways.
The MACD indicator generated a technical buy signal at the beginning of October (the blue line crosses the red line upwards), which is still valid. The trend confirmer was able to overcome the neutral 100 with a powerful upward leap and is now very far into positive territory. The Chaikin Money Flow confirms the high turnover accompanying the price increase with its course in the green area and thus shows that capital is flowing into the share. The Money Flow Index, on the other hand, is in the 80 range, indicating that it is currently overbought. The overbought/oversold indicator also showed a short-term overbought situation in the area of the 2 mark – currently it is clearly positive but well away from the extreme.
The four-year chart shows that the long-term blue downward trend line, which began at the end of 2021, was also overcome with the current upward jump.
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