The a2 Milk Co Ltd forms bearish "Rounded Top" chart pattern
Aug 20, 2020Recognia has detected a "Rounded Top" chart pattern formed on The a2 Milk Co Ltd (A2M:ASX). This bearish signal indicates that the stock price may fall from the close of18.16to the range of16.90-17.10. The pattern formed over 38 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: There has been a gradual shift from an uptrend to a downtrend. The Rounded Top represents a slow and gradual reversal of the trend from up to sideways to down. Volume diminishes near the bottom as the stock trades within a range and finally bursts as investors become more decisively bearish. While rarer than other reversal patterns and often longer term, Rounded Bottoms usually mark a major turnaround.
This bearish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
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Last
$6.79 |
Change
0.000(0.00%) |
Mkt cap ! $4.908B |
Open | High | Low | Value | Volume |
$6.74 | $6.79 | $6.71 | $1.560M | 231.3K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
15 | 9067 | $6.78 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$6.79 | 10113 | 13 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
10 | 12026 | 6.730 |
10 | 12626 | 6.720 |
10 | 12225 | 6.710 |
11 | 40892 | 6.700 |
7 | 7071 | 6.690 |
Price($) | Vol. | No. |
---|---|---|
6.740 | 687 | 5 |
6.750 | 7020 | 11 |
6.760 | 15099 | 9 |
6.770 | 15148 | 9 |
6.780 | 35446 | 16 |
Last trade - 10.24am 06/08/2024 (20 minute delay) ? |
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A2M (ASX) Chart |