Toyota (TM) was upgraded Tuesday to "buy" from "hold" by a major sell-side firm. Let's check out the charts and indicators to see if prices can accelerate to the upside for a while.
In the daily bar chart of TM, below, we can see that the shares made lows in March and again in May. Trading volume around these two lows increased, telling us that traders noticed the level and acted on it. The On-Balance-Volume (OBV) line also made twin lows in March and May.
The trend-following Moving Average Convergence Divergence (MACD) oscillator made a bullish divergence with a higher low in May than in March. The MACD oscillator is not far below the zero line and crossing above the line will be an outright buy signal.