Acorda Therapeutics Inc forms bullish "Pennant" chart pattern
Oct 21, 2015
Recognia has detected a "Pennant (Bullish)" chart pattern formed on Acorda Therapeutics Inc (ACOR:NASDAQ).
This bullish signal indicates that the stock price may rise from the close of $31.71 to the range of $37.50 - $38.75. The pattern formed over 12 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 Pennant pattern occurs during a dynamic market rally, representing a brief period of indecision before running off again in the same direction. The pattern consists of two converging trend lines with diminishing volume, and is confirmed when the price breaks through the upper boundary to resume the advance.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.