We never know when or where we will find a good idea. We saw a chart of Worthington Industries (WOR) this afternoon and something just clicked.
In this chart of WOR, above, we rallied from late February to make a new 52-week high. The price rally was accompanied by a rising On-Balance-Volume (OBV) line, positive and rising 50-day and 200-day moving averages, and finally, a bullish Moving Average Convergence Divergence (MACD) oscillator.
This longer-term chart of WOR is positive, with a rising 40-week moving average, a bullish OBV line on this tim frame and the MACD oscillator above the zero line. With this short-term and long-term constructive setup on the charts, we look for a rally to around $40 for WOR.