In this technical analysis for Converge ICT Solutions (CNVRG), I’ll show you the status of the six (6) indicators I monitor to know if the stock has a confirmed buy signal. If all six indicators are bullish, it means the stock has a confirmed buy signal according to my proprietary methodology.
I don’t follow the classical usage of technical indicators. I have my proprietary methodology in using certain technical indicators, which I call The Evergreen Strategy 2.0.
Getting a confirmed buy signal does not mean buying the stock right away. I must compute for my initial trailing stop and reward-to-risk ratio first.
The computation of my reward-to-risk ratio follows after computing for my initial trailing stop. I need to decide for the percentage of risk I’m willing to apply in that particular trade. This process must be done sequentially. To compute my reward-to-risk ratio, I need to identify the stock’s resistance.
For my and clients’ convenience, I created the Trailing Stop Calculator and Reward-to-Risk Ratio Calculator, which you’ll find in the Calculators tab of the Library section of our website.
Let’s take a look at the ratings of the six indicators.
Price vs. 10-day Simple Moving Average (SMA)
Parameter 1: Is its last price moving above its 10-day simple moving average (SMA)?
Answer: YES
Volume
Parameter 3: Is its last volume bar higher than 50 percent of its 10-day volume average?
Answer: YES
Moving Average Convergence Divergence (MACD) vs. Signal Line
Parameter 2: Is its moving average convergence divergence (MACD) moving above its signal line?
Answer: YES
Volume-Weighted Average Price (VWAP)
Parameter 4: Is its last price equal or higher than its volume-weighted average price?
Answer: YES
Dominant Range Index (DRI)
Parameter 5: Is its Dominant Range Index bullish?
Answer: YES
Dominant Range Index: BULLISH
Last Price: 36.5
VWAP: 36.05
Dominant Range: 36.35 – 36.5
Market Sentiment Index (MSI)
Parameter 6: Is its Market Sentiment Index bullish?
Answer: YES
Market Sentiment Index: BULLISH
27 of the 69 participating brokers, or 39.13% of all participants, registered a positive Net Amount
21 of the 68 participating brokers, or 30.88% of all participants, registered a higher Buying Average than Selling Average
69 Participating Brokers’ Buying Average: ₱36.00666
69 Participating Brokers’ Selling Average: ₱36.12772
10 out of 69 participants, or 14.49% of all participants, registered a 100% BUYING activity
19 out of 69 participants, or 27.54% of all participants, registered a 100% SELLING activity
Verdict
YES, there is a confirmed buy signal.
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