Frasers Centrepoint Trust forms bullish "Megaphone Bottom" chart pattern
Oct 15, 2021
Trading Central has detected a "Megaphone Bottom" chart pattern formed on Frasers Centrepoint Trust (J69U:SGX-ST). This bullish signal indicates that the stock price may rise from the close of 2.350 to the range of 2.440 - 2.460. The pattern formed over 24 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 recent broadening action tells us that trading has been out of control, but a breakout on the upside suggests we're starting a more decisive uptrend. With its broadening price swings, the Megaphone represents a market that's unstable and out of control. It typically consists of two successively higher highs between three lower lows, and the reversal signal occurs when the price breaks up above the second peak (the highest high) as a sign of a more decisive bullish move.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
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