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Fiduciary/Claymore MLP Opportunity Closed Fund forms bullish "Continuation Diamond" chart pattern
Apr 27, 2012

Recognia has detected a "Continuation Diamond (Bullish)" chart pattern formed on Fiduciary/Claymore MLP Opportunity Closed Fund (FMO:NYSE). This bullish signal indicates that the stock price may rise from the close of $23.09 to the range of $24.20 - $24.50. The pattern formed over 58 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.


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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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