Bullish on HND Horizons BetaPro NYMEX Natural Gas Bear Plus Units ETF Class A forms bullish "Island Bottom" chart pattern
May 28, 2013
Recognia has detected an "Island Bottom" chart pattern formed on Horizons BetaPro NYMEX Natural Gas Bear Plus Units ETF Class A (HND:TSX). This bullish signal indicates that the stock price may rise from the close of $5.22.
Tells Me: The recent decline has reached a bottom, signaling a (minor) reversal to the upside. An Island Bottom forms after a sustained downtrend, as a narrow trading range develops that is separated from the previous price action by first an exhaustion gap and then a breakaway gap.
This bullish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.