gbg forms bearish descending continuation

A "Descending Continuation Triangle" chart pattern formed on Gindalbie Metals Ltd (GBG on ASX). This bearish signal indicates that the stock price may fall from the close of 0.84 to the range of 0.53 - 0.57. The pattern formed over 15 days which is roughly the period of time in which the target price range may be achieved.

A Descending Continuation Triangle is considered a bearish signal, indicating that the current downtrend may continue. The pattern illustrates lows occurring at a constant price level, with highs moving constantly lower. The technical event occurs when the price breaks out of the triangle formation to close below the lower trendline, thereby confirming the pattern.