Chart Check Burcon NutraScience: Next Upward Wave ahead?

The Canadian protein specialist Burcon NutraScience (WKN: A412WU / TSX: BU)

started the current calendar year with a five-month sideways movement. After successfully breaking above the 100 and 200-day lines from April to June, a significant upward move to approximately five Canadian dollars followed with high trading volumes. The subsequent 50% correction stopped above both averages, once again clearly confirming the green uptrend line.

The 200-day line is no longer falling—the 100-day line has been rising for two months and recently generated a medium-term buy signal from the moving averages by crossing above the 200-day line.

A buy signal is imminent for the MACD indicator (the blue line crossing above the red line)—additional upside potential exists due to the MACD being at its six-month low. Similarly low, and thus rather oversold, is the Overbought/Oversold indicator, which is currently starting to move away from its lows. According to the Chaikin Money Flow indicator, capital outflow (the trend in the red zone decreased) from the stock significantly reduced until mid-June—since then, the indicator has almost exclusively shown capital inflows (green zone).

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