Nearmap Ltd forms bullish "Continuation Wedge" chart pattern
Jul 11, 2019Recognia has detected a "Continuation Wedge (Bullish)" chart pattern formed on Nearmap Ltd (NEA:ASX). This bullish signal indicates that the stock price may rise from the close of 3.69 to the range of 4.30 - 4.45. The pattern formed over 15 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: After a temporary interruption, the prior uptrend is set to continue. A Continuation Wedge (Bullish) represents a temporary interruption to an uptrend, taking the shape of two converging trendlines both slanted downward against the trend. During this time the bears attempt to win over the bulls, but in the end the bulls triumph as the break above the upper trendline signals a continuation of the prior uptrend.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
