Chart technical buy signal remains in place
The six-month chart of Australian water treatment technology developer Parkway Corporate (ASX: PWN: FRA: 4IP) shows that the blue trend line, which has been rising since the end of August, remains unbroken – even though there has been a ceiling at 0.013 Australian dollars so far.
Both moving averages continue to rise, although the momentum of the 200-day line has recently slowed significantly. In addition, the medium-term chart technical buy signal remains in place, which was created when the 100-day line crossed above the 200-day line.
The MACD was able to generate a buy signal in the last few days of last year with the crossing of the blue line over the red line, which has since been in jeopardy on several occasions, but has so far remained in place. The trend-confirming indicator managed to jump back into positive territory (for the first time since November) in the past few days. The overbought/oversold indicator, which last reached a value of 2.0 in September, a level considered overbought, shows that the stock is far from overheated. At 0.5, it is currently very close to the neutral middle position. The uninterrupted inflow of capital into the share since the end of December is encouraging, as signaled by the Chaikin Money Flow (which is even rising slightly) in the green zone.

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