Galaxy Resources Ltd forms bullish "Ascending Continuation Triangle" chart pattern
Mar 02, 2016
Recognia has detected an "Ascending Continuation Triangle" chart pattern formed on Galaxy Resources Ltd (GXY:ASX). This bullish signal indicates that the stock price may rise from the close of 0.20 to the range of 0.27 - 0.29. The pattern formed over 27 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 increasingly higher lows and constant highs within this pattern tell us that buyers are more aggressive than sellers, confirmed by a breakout through a resistance level to signal a continuation of the prior uptrend. An Ascending Triangle, with its increasingly higher lows and constant highs, indicates that buyers are more aggressive than sellers. The pattern typically forms because a supply of shares is available at a certain price, represented by the upper flat line. When the supply depletes, the shares quickly break out from the top trendline and move higher.27-29
GXY Price at posting:
20.0¢ Sentiment: Hold Disclosure: Held
