Chart Update Parkway Corporate: Breakout from Triangle Formation in Sight

The six-month chart of the Australian water treatment technology developer Parkway Corporate (ASX: PWN: FRA: 4IP)

Since April, it has shown a massive bottom formation (grey line), which was only briefly interrupted once. Together with the falling red line, the grey (or even the green) line forms a triangle, into whose apex the price is currently moving. The direction of the subsequent breakout usually dictates the following price trend.

The Overbought/Oversold Indicator and the Volume Price Trend offer no directional guidance: they are moving in their respective neutral zones near zero. However, increasing volumes and their positive structure (indicated by the Chaikin Money Flow, which signals capital inflow into the stock in the green zone) suggest an upward breakout. Breaking the red trend line would immediately bring the 200-day line into focus – overcoming it would be a buy signal.

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