United Paper PCL forms bullish "Upside Breakout" chart pattern
Jan 11, 2017
Recognia has detected an "Upside Breakout" chart pattern formed on United Paper PCL (UTP:SET).
This bullish signal indicates that the stock price may rise from the close of 6.50 to the range of 7.15 - 7.30. The pattern formed over 51 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 broke upward out of a trading range suggesting we're entering a new uptrend. The Upside Breakout pattern represents a trading range in which prices move sideways between two parallel horizontal lines. It's often a pause or congestion area within an existing trend though sometimes the breakout results in a reversal to the prior trend. Either way, an upside breakout through the upper resistance line signals an end to the consolidation period and the start of an uptrend.
This bullish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.