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TOP SHIPS Inc forms bullish "Continuation Wedge" chart pattern
Mar 22, 2012

Recognia has detected a "Continuation Wedge (Bullish)" chart pattern formed on TOP SHIPS Inc (TOPS:NASDAQ). This bullish signal indicates that the stock price may rise from the close of $2.27 to the range of $3.30 - $3.60. The pattern formed over 16 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: After a temporary interruption, the prior uptrend is set to continue. A Continuation Wedge (Bullish) represents a temporary interruption to an uptrend, taking the shape of two converging trendlines both slanted downward against the trend. During this time the bears attempt to win over the bulls, but in the end the bulls triumph as the break above the upper trendline signals a continuation of the prior uptrend.

This bullish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.


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Recognia Alert Wire content is generated at market close by Recognia Inc. (www.recognia.com). Recognia has developed proprietary technology for chart pattern recognition and automated interpretation based on the standards of technical analysis. Recognia investment research products scan all financial instruments across covered exchanges and generate news alerts for those that have formed one of more than 25 patterns.

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