Goliath's Strong Stock Technicals Target $1.20 Goliath Resources Ltd forms bullish "Bottom Triangle" chart pattern
Dec 27, 2023
Trading Central has detected a "Bottom Triangle" chart pattern formed on Goliath Resources Ltd (GOT:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.85 to the range of $1.14 - $1.20. The pattern formed over 73 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 seems to have reached a bottom, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation.
A Bottom Triangle 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 above the upper trendline with a noticeable increase in volume, confirming this bullish pattern as a reversal of the prior downtrend.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
Goliath Resources Ltd forms bullish "Commodity Channel Index" chart pattern
Dec 27, 2023
Trading Central has detected a "Commodity Channel Index" chart pattern formed on Goliath Resources Ltd (GOT:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.85.
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 bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
Goliath Resources Ltd forms bullish "Triple Moving Average Crossover" chart pattern
Dec 27, 2023
Trading Central has detected a "Triple Moving Average Crossover" chart pattern formed on Goliath Resources Ltd (GOT:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.85.
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.