Uptrend Indicator8 Mar 2024 08:57
50 day SMA crossed the 200 SMA today, forming a Golden Cross. A very decent indicator of an emerging uptrend.
Technically the 50 SMA should stay above the 200 SMA for 3 days but looking at the chart that seems a 'given' unless something freakish to the downside happens with the current SP
It's probably a Super Golden Cross which is pretty rare, (happens when the 50 day SMA has been trading under the 200 day SMA for 200 trading days (getting on for a calendar year). Maybe someone with some sophisticated charting software could confirm ? (I'm not going to work it out manually but I'm confident it is)
Not sure if this is TEK specific or if it's just systemic to an AIM market recovering ? ( think D Monies was watching that), and is happening elsewhere. As stocks start recovering you would expect to see it more often.
On indexes such as the nasdaq it's 100% reliable, going back a long way (decades) but we're talking a massive sample of stock there so not to be viewed in the same way on an individual stock.
Either way, it's a very nice indicator signalling an uptrend. Don't expect fireworks over night but interesting to see what happens over the next few weeks.
GLA - I'm sniffing a change of fortunes here