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Sunworks Reversal Trend Taking Place

By António CostaStock MarketsOct 06, 2016 05:47PM ET
Sunworks Reversal Trend Taking Place
By António Costa   |  Oct 06, 2016 05:47PM ET
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Sunworks Inc (NASDAQ:SUNW) price action finally broke out of a falling wedge pattern accompanied by a strong volume expansion, suggesting a trend reversal higher. At the same time the stock also closed back above the 50 and 200EMAs.

The daily technical chart set-up for Sunworks appears to be near perfect to deliver gains in the coming sessions. Short-term technical indicators are looking bullish and the MACD has produced a new buy signal. I see a new impulse higher that projects a rally through 3.36. If momentum continues on Friday, we could have a nice winner on our hands.

SUNW Daily
SUNW Daily

Sunworks Reversal Trend Taking Place

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Sunworks Reversal Trend Taking Place

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