Parkway Life Real Estate Investment Trust forms bullish "Rounded Bottom" chart pattern
Oct 29, 2021
Trading Central has detected a "Rounded Bottom" chart pattern formed on Parkway Life Real Estate Investment Trust (C2PU:SGX-ST). This bullish signal indicates that the stock price may rise from the close of 4.660 to the range of 4.840 - 4.880. The pattern formed over 22 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: There has been a gradual shift from a downtrend to an uptrend; there may be a sharp rally ahead.
The Rounded Bottom represents a slow and gradual reversal of the trend from down to sideways to up. Volume diminishes near the bottom as the stock trades within a range and finally bursts as investors become more decisively bullish. While rarer than other reversal patterns and often longer term, Rounded Bottoms usually mark a major turnaround.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
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