Brown-Forman (BF.A) had a huge rally Wednesday. The distiller of brands like Jack Daniel's jumped to a new high for the move up after its quarterly results came in ahead of expectations, led by underlying sales growth and other factors.
Let's check out the charts with two fingers of Jack (later tonight of course).
In the daily bar chart of BF.A, below, we can see some "interesting" price and indicator movement. Prices declined in February and March with the March low looking like a small double bottom, which is a little different from many stocks that made dramatic "V" bottoms. BF.A rallied into May and traded sideways into late July where more aggressive buying developed.
The On-Balance-Volume (OBV) line shows a decline from January to late June which is interesting. The price of BF.A managed to rally from late March despite this sign of more aggressive selling. In early July the OBV line turns up sharply and is "in gear" with the price action.
The Moving Average Convergence Divergence (MACD) oscillator also turns bullish in early July.