Mapletree North Asia Commercial Trust forms bullish "Bottom Triangle" chart pattern
May 29, 2020
Recognia has detected a "Bottom Triangle" chart pattern formed on Mapletree North Asia Commercial Trust (RW0U:SGX-ST).
This bullish signal indicates that the stock price may rise from the close of
0.835 to the range of
1.010 -
1.050.
The pattern formed over 46 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. A Bottom Triangle 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 above the upper trendline with a
noticeable increase in volume, confirming this bullish pattern as a
reversal of the prior downtrend.
This bullish pattern can be seen on the following chart and was
detected by Trading Central proprietary pattern recognition technology.
