POSCO (PKX) is another steel manufacturer with a positive-looking chart.
The South Korean company isn't a household name in the U.S., but that doesn't mean we should pass it over when looking for investment ideas. Let's check the charts.
In this daily bar chart of PKX, above, going back 12 months, we can see a pretty reliable uptrend. The slopes of the 50-day and 200-day moving average lines have been positive since early 2016. Dips to the rising 200-day line were buying opportunities. The On-Balance-Volume (OBV) line is generally positive and the Moving Average Convergence Divergence (MACD) oscillator is above the zero line or in positive territory.
This three-year weekly chart of PKX, above, is positive. We can see a long decline in 2014 that ends in early 2016. Prices are above the rising 40-week moving average line. The weekly OBV line gives a much stronger impression than the daily OBV line. The MACD oscillator on this timeframe gave a cover-shorts buy signal in October 2015 and remains bullish.
This Point and Figure chart of PKX, above, shows the uptrend and yields a price target of $74-$75.
Bottom line: Aggressive traders could trade PKX from the long side, risking below $59 looking for gains to the $75 area in the months ahead.