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AC8

0.00%

4.0¢ auscann group holdings ltd

ac8 vs cann, page-65

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Levelgrinder

1,612 Posts.

245

07/03/18

10:22

Post #: 31581259

Originally posted by Ben2010 ↑

Buy rec from commsec and recognia last night

Daily Market Report

Column 1

1

Column 1AusCann Group Holdings Ltd forms bullish "Double Bottom" chart patternMar 06, 2018
Recognia has detected a "Double Bottom" chart pattern formed on AusCann Group Holdings Ltd (AC8:ASX). This bullish signal indicates that the stock price may rise from the close of 1.71 to the range of 1.86 - 1.90. The pattern formed over 19 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 seems to have reached a bottom after failing to break through a support level and ultimately rising higher in a sign of reversal to a new uptrend. The Double Bottom pattern forms during a downtrend as the price reaches two distinct lows at roughly the same price level. Volume reflects a weakening of the downward pressure, tending to diminish as the pattern forms, with some pickup at each low, less on the second low. Finally the price breaks upward above the highest high to confirm the bullish signal.

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Added to that basic TA analysis on Barchart also rates AC8 as a "buy":
https://www.barchart.com/stocks/quotes/ac8.AX/opinion

AC8 Price at posting: $1.69 Sentiment: Buy Disclosure: Held

8 Upvote

0 Great analysis

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