WestRock Co. (WRK) was upgraded to a Buy recommendation by TheStreet's quantitative service Thursday, so a look at the charts and indicators are warranted. Regular readers of Real Money have seen plenty of examples over the years when the charts and the quantitative number crunching can identify winners.
In this daily bar chart of WRK, below, we can see that prices have been strong since August. WRK made a double-bottom around the $32 area and turned higher. Prices pulled back in September, but made a higher low in October. Last month prices made new highs for the year and the strength has continued in 2020.
WRK is trading above the rising 50-day moving average line and the rising 200-day moving average line. In November we can see a bullish golden cross buy signal as the 50-day line crosses above the 200-day line. The On-Balance-Volume (OBV) line has been moving higher from the middle of August telling us that buyers of WRK have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator has stayed above the zero-line since the middle of October -- another positive signal.