Goliath Resources Changes Trend With Bullish Gap Up and CCI Goliath Resources Ltd forms trend-ending "Gap Up" chart pattern
Aug 15, 2023
Trading Central has detected a "Gap Up" chart pattern formed on Goliath Resources Ltd (GOT:TSXV). This trend-ending signal indicates that the stock price trend may end.
Gaps usually represent important areas of support or resistance. A Gap Up will indicate different situations based on the context in which it was formed. A Gap Up in an uptrend may indicate a previous level of resistance has been broken and now forms a support level. A Gap Up in a downtrend may indicate an end to, or a reversal of, the prior downtrend. Gaps provide an indication of a financial instrument's SHORT-TERM outlook.
This trend-ending pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
Goliath Resources Ltd forms trend-ending "Commodity Channel Index" chart pattern
Aug 15, 2023
Trading Central has detected a "Commodity Channel Index" chart pattern formed on Goliath Resources Ltd (GOT:TSXV). This trend-ending signal indicates that the stock price trend may end.
Tells Me: The price is relatively far from its 20-bar average price.
The Commodity Channel Index (CCI) measures the deviation of the price from its average value (comparing to a chosen moving average, typically 20 bars). The oscillator is normalized by dividing by the typical deviation, so we get an oscillator fluctuating roughly between +100 and -100. Many traders use these as overbought(+100)/oversold(-100) markers and watch for signs of reversal, but original use was to consider long positions when CCI is above +100 (bullish event), and short when below -100 (bearish event). When the price crosses back in between +100 and -100, another event is triggered to indicate an end to the prior bullish or bearish situation and a possible opportunity to close out such a position.
This trend-ending pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.