Here is today’s Commsec Daily Trading Alerts messageFortescue...

Here is today’s Commsec Daily Trading Alerts message

Fortescue Metals Group Ltd forms bullish "Williams %R" chart pattern May 20, 2022 Trading Central has detected a "Williams %R" chart pattern formed on Fortescue Metals Group Ltd (FMG:ASX). This bullish signal indicates that the stock price may rise from the close of20.15. Tells Me: For bullish events, we seem to be in a new uptrend now that the price has recovered from oversold (dropped below -80 then rose above). The opposite is true for bearish events where we seem to be in a new downtrend now that the price has recovered from overbought. Meanwhile there is clear evidence that the trend has reversed (continued through the -50 level). Williams %R is built on the premise that as prices increase, "close" prices tend to be closer to the upper end of the recent price range, and vice versa. The oscillator looks at the most recent "close" price as a percentage of the high-to-low price range over a specified period of time (14 bars) so when %R is high, it's likely we're seeing upward pressure, and vice versa. The line fluctuates between 0 and -100 with -20 and -80 often used to identify overbought and oversold conditions. This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.