Ceylon Graphite forms bullish Bollinger Bands chart patternSep 27, 2022 Trading Central has detected a "Bollinger Bands" chart pattern formed on Ceylon Graphite Corp (CYL:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.09.
Tells Me: Trading is overstretched and prices may turn around; watch for signs of reversal. But be aware that momentum may be strong enough to first continue in the direction that the Bollinger Band was pierced.
Bollinger Bands wrap the trading action within an upper and lower band which, when pierced, provide indication of overbought and oversold levels when the price moves beyond the typical range above or below respectively. The most common setting is to use a 20 bar moving average and draw the bands at 2 standard deviations above and below. Changes in the width of the bands signal changes in the price volatility; the bands expand when the price is experiencing greater volatility, and contract during periods of lesser volatility.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.