Fortescue Metals Group Ltd forms bullish "Pennant" chart pattern
Jan 21, 2021Trading Central has detected a "Pennant (Bullish)" chart pattern formed on Fortescue Metals Group Ltd (FMG:ASX). This bullish signal indicates that the stock price may rise from the close of24.87to the range of27.40-28.00. 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 Pennant pattern occurs during a dynamic market rally, representing a brief period of indecision before running off again in the same direction. The pattern consists of two converging trend lines with diminishing volume, and is confirmed when the price breaks through the upper boundary to resume the advance.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
FMG Technical Analysis, page-6059
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Last
$21.91 |
Change
0.340(1.58%) |
Mkt cap ! $66.99B | |||
| Open | High | Low | Value | Volume |
| $21.60 | $21.95 | $21.54 | $69.63M | 3.193M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 24039 | $24.10 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.71 | 911 | 1 |
View Market Depth
| Last trade - 15.59pm 03/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |