Trading: SELL @ $14.96
Signal Strength: STRONG
Indicator can be used in isolation or in additional to another technical indicator to confirmation for trading entry. This indicator has been constructed to highlight the existence of a trend for an assocaited timeframe. Trend determining indicators can be used in short, medium or long term timeframes & determines if the stock is trending or ranging. Once the trend status is quantified, this can then be coupled to additional indicators to add a significant advantage to the trading strategy.
Worleyparsons (ASX:WOR) has a medium timeframe downtrend confirmation. This was confirmed through a price breakout on the Nov 8 2018.
The Tricklar medium term trend indicator (TRICK) highlights the peaks and troughs associated with a combination of bars within the first timeframe. As such, successive rallies penetrating preceding higher peaks whilst cancelling preceding low points offer a BULLISH indication in the second time frame. Conversely, failure of rallies to penetrate previous high points whilst maintaining prices below the previous low points indicates BEARISH trends in the second timeframe. The way in which multiple timeframes should be integrated in a complete analysis emphasises an important principle that applies to all technical analysis. The investor should always analyse a market from the big picture down to the level at which trading decisions are made. Trends can exist in many timeframes. Short term trends can therefore be seen together as part of a medium term trend and, in turn, medium trends can be seen together as part of a long term trend.
Calculation: Tricklar medium trend (TRICK):
1) [BULLISH] An uptrend is a succession of higher peaks and higher troughs;
2) [BEARISH] A downtrend is a succession of lower peaks and lower troughs;
PROFILE: Worleyparsons (WOR.AX)
Stock Exchange: ASX
Ticker Codes: | WOR.AX | ASX:WOR |
WorleyParsons Limited provides professional services to the resources and energy sectors in Australia and internationally. The company provides engineering design and project delivery services, including maintenance, reliability support, and advisory services. The company offers engineering and project management services to the floating production systems, heavy oil and oil sands, offshore topsides, offshore pipelines and subsea systems, onshore pipelines and receiving terminals, onshore oil and gas production facilities, sulphur recovery plants, arctic and cold climate, and unconventional oil and gas facilities, as well as for petrochemicals, refining, and LNG sectors. It also provides engineering and project services for base metals, coal, chemicals, ferrous metals, alumina, aluminum, iron ore, and gas cleaning industries. In addition, the company offers infrastructure business support services for resource and urban infrastructure markets, including environmental and restoration services, development of water gathering and processing facilities, rail and port assets, and power generation and transmission. WorleyParsons Limited was founded in 1971 and is based in North Sydney, Australia.
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