NikkoAM-STC Asia REIT forms bullish "Symmetrical Continuation Triangle" chart pattern
Jul 03, 2020
Recognia has detected a "Symmetrical Continuation Triangle
(Bullish)" chart pattern formed on NikkoAM-STC Asia REIT (CFA:SGX-ST).
This bullish signal indicates that the stock price may rise from the
close of
1.115 to the range of
1.240 -
1.260.
The pattern formed over 17 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 has broken upward out of a consolidation
period, suggesting a continuation of the prior uptrend. A Symmetrical
Continuation Triangle (Bullish) 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 out above the upper trendline with a
noticeable increase in volume, confirming the pattern as a continuation
of the prior uptrend.
This bullish pattern can be seen on the following chart and was
detected by Trading Central proprietary pattern recognition technology.
Rule number 1: Always put a stop loss before entry, always, no exception. You do not drive a car if it does not have brakes. Have a stop loss first, then think about entry, end of conversation.
Rule number 2:: No Rule number 2, strictly master Rule Number 1 and you are likely to succeed in Technical Trading.
