Believe it or not, I have vanity car plates with charts on them. They look good on a two-seater. So I guess it shouldn't be surprising that a company with the name Chart Industries (GTLS) has a good-looking chart. Right?
This daily chart of GTLS, above, has a nice saucer bottom. Prices have firmed up above the now rising 50-day moving average line. GTLS has also cleared the 200-day average. The On-Balance-Volume (OBV) line is slowly improving, telling us that investors have shifted to being aggressive buyers from aggressive sellers. There is a bearish divergence in March and April between the higher price highs and a lower momentum reading. This divergence may give buyers of GTLS a shallow pullback to initiate long positions.
This longer-term look at GTLS, above, shows prices have broken a 2½-year downtrend and are above the 40-week moving average line. There is a slow improvement in the OBV line on a weekly time frame. The Moving Average Convergence Divergence (MACD) oscillator generated a cover-shorts signal, and is almost back to the zero line for an outright buy signal. GTLS could make further gains into the $30 to $35 area in the weeks ahead.