Chart of the Day: American Water Works Is Pretty Clean
The current bullpen name has been narrowing its range and looking to make a sharp move.
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Former portfolio member American Water Works AWK has slowly made its way to a breakout point.
Notice the symmetrical triangle created by a series of lower highs and higher lows, the textbook definition of no trend. Which way will it break?
It is hard to say due to the fact this current base is built right in the middle of a wide range. One thing is certain, when that breakout happens it could be very large and move the stock above the March highs or well below the January lows.
The indicators are moderately bullish with money flow strong and momentum positive, the stochastics are pointing higher. MACD is floundering as one would expect with no trend, but the price is above the moving averages. With the color of the candles flashing amber, the chart is neutral, again as one would expect.
We'll keep our eye on this bullpen name and perhaps bring it up to the portfolio soon. We do not have a position in American Water Works.
