Malaysian Resources Corp Bhd forms bullish "Continuation Diamond" chart pattern
Jan 05, 2017
Recognia has detected a "Continuation Diamond (Bullish)" chart pattern formed on Malaysian Resources Corp Bhd (1651:MYX).
This bullish signal indicates that the stock price may rise from the close of 1.40 to the range of 1.50 - 1.54. The pattern formed over 40 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. The pattern begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks upward out of the diamonds boundary lines, it marks the resumption of the prior uptrend.
This bullish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.