This was on Bloomberg. An "Ascending Continuation Triangle" chart pattern formed on Magellan Financial Group Ltd (MFG on ASX). This bullish signal indicates that the price may rise from the close of 13.90 to the range of 15.60 - 15.90. The pattern formed over 45 days which is roughly the period of time in which the target price range may be achieved. Magellan Financial Group Ltd has a current support price of 12.84. No resistance level has been found. An Ascending Continuation Triangle is considered a bullish signal. It indicates a possible continuation of the current uptrend. This pattern occurs because the lows are moving increasingly higher but the highs are maintaining a constant price level. The technical event occurs when the price breaks out of the triangle formation to close above the upper trendline, thereby confirming the pattern.
MFG Price at posting:
$13.90 Sentiment: Buy Disclosure: Held
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