From Bloomberg: Recognia has detected a "Flag (Bullish)" chart pattern formed on Linc Energy Ltd (LNC on ASX). This bullish signal indicates that the price may rise from the close of 2.08 to the range of 2.60 - 2.70. The pattern formed over 11 days which is roughly the period of time in which the target price range may be achieved. Linc Energy Ltd has a current support price of 2.03 and a resistance level of 2.85.
A Flag (Bullish) is considered a bullish signal, indicating that the current uptrend may continue. After a steep rise in price, the pennant reflects a temporary pause in the uptrend, consisting of two parallel trendlines that form a rectangular flag shape.
This bullish pattern can be seen on the following chart and was detected by Recognia's proprietary pattern recognition technology.
Recognia Alert Wire content is generated at market close by Recognia Inc. (www.recognia.com). Recognia has developed proprietary technology for chart pattern recognition and automated interpretation based on the standards of technical analysis. Recognia investment research products scan all financial instruments across covered exchanges and generate news alerts for those that have formed one of more than 25 patterns.
Aug/26/2011 05:21 GMT
LNC Price at posting:
$2.15 Sentiment: Buy Disclosure: Held
