Canaco Resources Inc forms bullish "Symmetrical CoCanaco Resources Inc forms bullish "Symmetrical Continuation Triangle" chart pattern
A "Symmetrical Continuation Triangle (Bullish)" chart pattern formed on Canaco
Resources Inc (TSX Venture Exchange). This bullish signal indicates that the
price may rise from the close of 3.24 to the range of 4.10 - 4.30. The pattern
formed over 27 days which is roughly the period of time in which the target
price range may be achieved.
Canaco Resources Inc has a current support price of 3.05 and a resistance
level of 3.44.
A Symmetrical Continuation Triangle (Bullish) is considered a bullish signal,
indicating that the current uptrend may continue. The formation occurs because
prices are reaching both lower highs and higher lows. The technical event
occurs when the price breaks out of the triangle formation to close above the
upper (descending) trendline, thereby confirming the pattern.
This bullish pattern can be seen on the following chart and was recognized by
Recognia Inc.'s patent pending pattern recognition technology.
Click here for chart with pattern
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's system scans all financial instruments across
covered exchanges and generates news alerts for those that have formed one of
more than 25 patterns.
The information contained herein is provided as is and Recognia does not
warrant the accuracy or the use of the information for any purpose. Recognia
reserves the right to change the information and/or the method of its
presentation or analysis at any time. This information may not be construed as
investment advice or trading recommendations.
For further technical analysis of this financial instrument -- including
interpretation of patterns and indicators -- launch Recognia Technical Events
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