bell direct

i see Bell Direct are saying CDU is intermediate Bearish from the charts.

price down range......$2.60 - $2.68

Any chart specialist amongst us would like to comment????


CuDeco Ltd forms bearish "Descending Continuation Triangle" chart pattern
Jul 09, 2012, 4:00 PM ET

Recognia has detected a "Descending Continuation Triangle" chart pattern formed on CuDeco Ltd (CDU:ASX). This bearish signal indicates that the stock price may fall from the close of 3.01 to the range of 2.60 - 2.68. The pattern formed over 16 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 lower highs and constant lows within this pattern tell us that sellers are more aggressive than buyers, confirmed by a break down through a support level to signal a continuation of the prior downtrend. A Descending Continuation Triangle, with its increasingly lower highs and constant lows, indicates that sellers are more aggressive than buyers The pattern typically forms because a demand for shares is available at a certain price, represented by the lower flat line propping the price up. But when the supply depletes, the shares quickly break down below the bottom boundary line and move lower.

This bearish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.