Norbord Inc. T.OSB

Forest Products Lumber & Wood Production

"Norbord is the largest global producer of oriented strand board, which is used as a structural panel for building applications. The majority of its mills are located throughout the United States, with additional capacity in Northern Europe."

TSX:OSB - Post by User

Norbord Inc.

<< Previous

Bullboard Posts

Next >>

Post by retiredcfon Nov 17, 2017 6:27am

108 Views

Post# 26982029

Technical Analysis

Norbord Inc forms bullish "Symmetrical Continuation Triangle" chart pattern
Nov 16, 2017

Recognia has detected a "Symmetrical Continuation Triangle (Bullish)" chart pattern formed on Norbord Inc (OSB:TSX). This bullish signal indicates that the stock price may rise from the close of $45.71 to the range of $52.25 - $53.75. The pattern formed over 26 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. A Symmetrical Continuation Triangle (Bullish) shows two converging trendlines as prices reach lower highs and higher lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks out above the upper trendline with a noticeable increase in volume, confirming the pattern as 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.