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Column 1 0 REA Group Ltd forms bearish "Diamond Top" chart patternMay 06, 2015
Recognia has detected a "Diamond Top" chart pattern formed on REA Group Ltd (REA:ASX). This bearish signal indicates that the stock price may fall from the close of 43.12 to the range of 40.75 - 41.75. The pattern formed over 66 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 top, showing signs of reversal as it has broken downward after a period of uncertainty or consolidation. The Diamond Top pattern begins during an uptrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks downward out of the diamonds boundary lines, it marks a significant reversal to a new downtrend.
This bearish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.
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Bearish Chart
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Last
$231.99 |
Change
2.650(1.16%) |
Mkt cap ! $30.64B | |||
| Open | High | Low | Value | Volume |
| $229.30 | $231.99 | $227.72 | $24.08M | 104.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 8 | $231.56 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $232.00 | 4625 | 4 |
View Market Depth
| Last trade - 16.10pm 28/10/2024 (20 minute delay) ? |
| REA (ASX) Chart |