Walgreens Boots Alliance (WBA) has rallied sharply not only from a new low in late October but also Wednesday. Prices spiked higher in early November and then corrected into late December before yet another spike higher.
Prices are above the rising 50-day moving average line and also the rising 200-day line. We can see a bullish golden cross of these two averages earlier this month.
This sounds bullish but the On-Balance-Volume (OBV) line did not put in a low until late December and it's recovery has been less than stellar.
The Moving Average Convergence Divergence (MACD) oscillator is above the zero line in bullish territory but could easily cross to the downside. Today's candle shows a large upper shadow telling us that traders have rejected these higher prices.
