Steel processor Worthington Industries ( WOR) has some positive-looking charts. Let's check them out.
In the daily bar chart of WOR, below, I can see that share prices started an uptrend in October -- this was the start of a pattern of higher lows and higher highs. WOR now trades above the rising 50-day moving average line and above the rising 200-day moving average line.
The trading volume histogram looks more active since October. The On-Balance-Volume (OBV) line shows strength from late July and tells us that buyers of WOR have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line but correcting lower.
In the weekly Japanese candlestick chart of WOR, below, I can see a high-level base pattern. The shares have traced out a bottoming pattern since early 2022. WOR is trading above the rising 40-week moving average line -- a sign that the trend is now bullish.
The weekly OBV line made a low in September. The MACD oscillator is in a bullish trend above the zero line.
In this daily Point and Figure chart of WOR, below, I can see a potential upside price target in the $91 area.
In this weekly Point and Figure chart of WOR, below, I can see a price target in the $90 area.
Bottom-line strategy: Traders could probe the long side of WOR at current levels risking to $54. The $90 area is my price target for now.