Since the last time we checked on the technical condition of Joy Global (JOY), things have picked up on the charts.
In this daily chart of JOY, above, we can see improvement over the last four to six weeks. Prices have stayed above the 50-day moving average line and the slope of the line has been positive since early March. And last week, prices managed to rally above the 200-day Simple Moving Average.
The On-Balance-Volume (OBV) line was flat in January and February, but picked up in March, with buying becoming more aggressive. Momentum divergences don't seem to be an issue at the moment. JOY could trade up to the $25 level in the weeks ahead. On the downside, a break below $15 would make the chart look weak again.
This weekly chart of JOY, above, has mixed signals. Prices just closed above the 40-week moving average line, but the slope of the line is still down. The Moving Average Convergence Divergence (MACD) oscillator is firming up towards the zero line after a cover-shorts buy signal. The OBV line on this weekly time frame is flat. We would be more excited about the long side of JOY if volume was expanding with prices.