Cantex Mine Development Corp forms bullish "Triple Moving Average Crossover" chart pattern
Mar 08, 2024
Trading Central has detected a "Triple Moving Average Crossover" chart pattern formed on Cantex Mine Development Corp (CD:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.23.
Tells Me: The price is generally in an established trend (bullish or bearish) for the time horizon represented by the moving average periods.
Moving averages are used to smooth out the volatility or "noise" in the price series, to make it easier to discover the underlying trend. By plotting the average price over the last several bars, the line is less "jerky" than plotting the actual prices. In the triple crossover method, a bullish signal is generated when a faster moving average (4 bar) crosses above an intermediate moving average (9 bar), which in turn crosses above a slower moving average (18 bar). In this state, the price is likely in an established uptrend. The opposite is true when the 4 bar crosses below the 9 bar which in turn crosses below the 18 bar, triggering a bearish event.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
Cantex Mine Development Corp forms bullish "Fast Stochastic" chart pattern
Mar 08, 2024
Trading Central has detected a "Fast Stochastic" chart pattern formed on Cantex Mine Development Corp (CD:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.23.
Tells Me: When the event is bullish, we may be facing higher prices as the price has risen out of oversold (%K crossed below 20 then rose again) and starting to trade higher up in the recent 14-bar high-to-low range (%K crossed above %D). The opposite is true for bearish events, where the price has fallen out of overbought and starting to trade lower in the recent high-to-low range.
Stochastics is built on the premise that as prices increase, "close" prices tend to be closer to the upper end of the recent price range, and vice versa. The raw %K number looks at the most recent "close" price as a percentage of the high-to-low price range over a specified period of time (14 bars) so when %K is high, it's likely we're seeing upward pressure, and vice versa. %D is a 3-bar moving average of %K and is used as a signal line, indicating whether prices are starting to trade lower or higher within the recent high-to-low range. Both lines fluctuate between 0 and 100 with 20 and 80 often used to identify oversold and overbought conditions.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.