IDEX Corp forms bullish "Flag" chart pattern
Oct 21, 2015
Recognia has detected a "Flag (Bullish)" chart pattern formed on IDEX Corp (IEX:NYSE).
This bullish signal indicates that the stock price may rise from the close of $74.79 to the range of $83.00 - $86.00. The pattern formed over 8 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 seems to be resuming a sharp rally after taking a brief pause. A bullish Flag pattern occurs during a dynamic market rally, representing a brief pause as the market "catches its breath" before running off again in the same direction. The pattern consists of two parallel trend lines, often sloping downward against the prevailing uptrend, and is confirmed when the price breaks through the upper boundary to resume the rise.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.