Apogee Enterprises (APOG) jumped up sharply in pre-market trading Thursday, but it could not hold those gains. It still is early in the session but let's see what this reversal looks like on the charts.
In his daily chart of APOG, above, we can see the steep, early rally today that stopped short of $50. That was earlier and now APOG is down sharply and is in position to test or break the 200-day moving average line. The daily On-Balance-Volume (OBV) line has been edging lower lately, telling us that sellers had become more aggressive before this possible reversal. In the lower panel is the Moving Average Convergence Divergence (MACD) oscillator and it is bearish with its decline below the zero line. We don't know what the afternoon will bring but a close below the 200-day moving average line will weaken the technical picture further.
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In this weekly chart, above, we can see APOG is above the declining 40-week moving average line. The OBV line on this time frame is neutral, but in the lower panel is the trend-following MACD oscillator and it is crossing to a new liquidate-longs sell signal (a sell when the indicator is above the zero line). APOG has already made a big move intraday and it isn't even lunchtime yet. If APOG continues lower, the bears will have control unless we see an equally impressive rally to the upside that holds. Not trying to confuse you with Delphic language, but this one isn't easy.
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Let's visit with the charts of PPG and Caterpillar.
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