Juggernaut forms bullish "Williams %R" chart pattern Juggernaut Exploration Ltd forms bullish "Williams %R" chart pattern
Mar 20, 2018
Recognia has detected a "Williams %R" chart pattern formed on Juggernaut Exploration Ltd (JUGR:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.23. We seem to be in a new uptrend now that the price has recovered from oversold (dropped below -80 then rose above). Meanwhile there is clear evidence that the trend has reversed (continued through the -50 level).
Williams %R 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 oscillator 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 %R is high, it's likely we're seeing upward pressure, and vice versa. The line fluctuates between 0 and -100 with -20 and -80 often used to identify overbought and oversold conditions.
This bullish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.