Chart Industries (GTLS) was upgraded to a Buy recommendation today by TheStreet.com's quantitative service.
In this daily bar chart of GTLS, below, we can see that prices have rallied sharply since early December. GTLS has rallied to the underside of the declining 200-day moving average line. The slope of the 200-day line is negative but the slope of the 50-day line is positive.
The daily On-Balance-Volume (OBV) line turned up with the price action in early December.
The Moving Average Convergence Divergence (MACD) oscillator gave a buy signal in the middle of December when it crossed above the zero line. The two averages that make up this indicator have narrowed but the indicator is still bullish.
In this weekly bar chart of GTLS, below, we can see that GTLS broke key support from 2018 from around $60 but it quickly rallied back to the underside of the declining 40-week moving average line.
The weekly OBV line has turned upwards from the middle of November and the MACD oscillator crossed to a cover short buy signal in early December. A lot of promise on this chart.
In this daily Point and Figure chart of GTLS, below, we can see a potential upside price target of around $101. Not a bad move.
Bottom line strategy: Regular readers of Kamich's Korner on Real Money have seen me combine investment approaches. I have no problem taking a quantitative upgrade and combining it with some positive charts. GTLS could be traded from the long side risking a close below $64.
