WestRock Co. (WRK) is moving up sharply Monday morning, and thus the $64,000 question is whether this is a rally that can last. Let's check out the charts and indicators of one of the world's largest paper and packaging companies.
In this daily bar chart of WRK, below, we can see that the shares have traded sideways since April. WRK has formed a large triangle-like formation as prices have moved above and below the oscillating 50-day moving average line. The slope of the 200-day moving average line is still negative and intersects above the market. Trading volume has been decreasing since March except for some temporary spikes.
The On-Balance-Volume (OBV) line has shown some improvement since May which suggests more aggressive buying even as prices moved sideways.
The Moving Average Convergence Divergence (MACD) oscillator has been hugging the zero line in recent months which tells us that WRK lacks "trend strength".