Magellan Financial Group Ltd forms bullish "Symmetrical Continuation Triangle" chart pattern
Mar 01, 2016
Recognia has detected a "Symmetrical Continuation Triangle (Bullish)" chart pattern formed on Magellan Financial Group Ltd (MFG:ASX). This bullish signal indicates that the stock price may rise from the close of 22.52 to the range of 28.25 - 29.75. The pattern formed over 35 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.
Tells Me: The price has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend. A Symmetrical Continuation Triangle (Bullish) shows two converging trendlines as prices reach lower highs and higher lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks out above the upper trendline with a noticeable increase in volume, confirming the pattern as a continuation of the prior uptrend.
![]()
- Forums
- ASX - By Stock
- MFG
- 100% on open
100% on open, page-32
Featured News
Add MFG (ASX) to my watchlist
|
|||||
Last
$10.44 |
Change
0.735(7.58%) |
Mkt cap ! $1.906B |
Open | High | Low | Value | Volume |
$10.37 | $10.79 | $10.01 | $30.34M | 2.899M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 889 | $10.43 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$10.44 | 2624 | 21 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 139 | 10.460 |
8 | 2033 | 10.450 |
7 | 1353 | 10.440 |
6 | 1327 | 10.430 |
6 | 2725 | 10.420 |
Price($) | Vol. | No. |
---|---|---|
10.470 | 1071 | 18 |
10.480 | 1237 | 13 |
10.490 | 2056 | 10 |
10.500 | 1421 | 7 |
10.510 | 1343 | 6 |
Last trade - 15.32pm 15/08/2024 (20 minute delay) ? |
Featured News
MFG (ASX) Chart |
The Watchlist
I88
INFINI RESOURCES LIMITED
Charles Armstrong, CEO & Managing Director
Charles Armstrong
CEO & Managing Director
SPONSORED BY The Market Online