Progen Holdings - Bearish Top Triangle

Progen Holdings Ltd forms bearish "Top Triangle" chart pattern
Dec 14, 2020

Trading Central has detected a "Top Triangle" chart pattern formed on Progen Holdings Ltd (583:SGX-ST). This bearish signal indicates that the stock price may fall from the close of 0.039 to the range of 0.020 - 0.030. The pattern formed over 37 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 top, showing signs of reversal as it has broken downward after a period of uncertainty or consolidation. A Top Triangle shows two converging trendlines as prices reach lower highs and higher (or stable) 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 down below the lower trendline with a noticeable increase in volume, confirming this bearish pattern as a reversal of the prior uptrend.

This bearish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.

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