Oz Minerals Ltd forms bullish "Flag" chart pattern Feb 04, 2016
Recognia has detected a "Flag (Bullish)" chart pattern formed on Oz Minerals Ltd (OZL:ASX). This bullish signal indicates that the stock price may rise from the close of 4.11 to the range of 4.50 - 4.65. The pattern formed over 9 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 be resuming a sharp rally after taking a brief pause. A bullish Flag pattern occurs during a dynamic market rally, representing a brief pause as the market "catches its breath" before running off again in the same direction. The pattern consists of two parallel trend lines, often sloping downward against the prevailing uptrend, and is confirmed when the price breaks through the upper boundary to resume the rise
Independence Group NL forms bullish "Diamond Bottom" chart pattern Feb 04, 2016
Recognia has detected a "Diamond Bottom" chart pattern formed on Independence Group NL (IGO:ASX). This bullish signal indicates that the stock price may rise from the close of 2.43 to the range of 2.95 - 3.10. The pattern formed over 47 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, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation. The Diamond Bottom pattern begins during a downtrend 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 upward out of the diamonds boundary lines, it marks a significant reversal to a new uptrend
Melbourne IT Ltd forms bullish "Symmetrical Continuation Triangle" chart pattern Feb 04, 2016
Recognia has detected a "Symmetrical Continuation Triangle (Bullish)" chart pattern formed on Melbourne IT Ltd (MLB:ASX). This bullish signal indicates that the stock price may rise from the close of 2.17 to the range of 2.34 - 2.38. The pattern formed over 25 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 has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend. A Symmetrical Continuation Triangle (Bullish) shows two converging trendlines as prices reach lower highs and higher lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks out above the upper trendline with a noticeable increase in volume, confirming the pattern as a continuation of the prior uptrend.
Challenger Ltd forms bullish "Inside Bar" chart pattern Feb 04, 2016
Recognia has detected an "Inside Bar (Bullish)" chart pattern formed on Challenger Ltd (CGF:ASX). This bullish signal indicates that the stock price may rise from the close of 7.47.
Tells Me: The balance between buyers and sellers, recently dominated by the bears, is evening out. We may see higher prices ahead. An Inside Bar develops during a strong downtrend, when the trading range is completely within the boundaries of the prior bar. This suggests the balance between buyers and sellers is becoming more evenly balanced i.e. a weakening in power for the bears and increasing in power for the bulls.
BlueScope Steel Ltd forms bullish "Inside Bar" chart pattern Feb 04, 2016
Recognia has detected an "Inside Bar (Bullish)" chart pattern formed on BlueScope Steel Ltd (BSL:ASX). This bullish signal indicates that the stock price may rise from the close of 4.52.
Tells Me: The balance between buyers and sellers, recently dominated by the bears, is evening out. We may see higher prices ahead. An Inside Bar develops during a strong downtrend, when the trading range is completely within the boundaries of the prior bar. This suggests the balance between buyers and sellers is becoming more evenly balanced i.e. a weakening in power for the bears and increasing in power for the bulls.
