Solis Minerals Posts Bullish RSI & 200-Day MA Cross Solis Minerals Ltd forms bullish "Relative Strength Index" chart pattern
Aug 06, 2021
Trading Central has detected a "Relative Strength Index (RSI)" chart pattern formed on Solis Minerals Ltd (SLMN:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.27.
Tells Me: For bullish events, we may be seeing higher prices as the price seems to be recovering from oversold as losses on down periods (over the last 14 bars) are no longer overwhelming gains on up periods to the same extent. The opposite is true for bearish events, which signal lower prices ahead as the price seems to be recovering from overbought because up days are no longer overwhelming down days to quite the same extent. RSI measures the strength of an issue compared to its recent history of price change by comparing "up" periods to "down" periods. It's based on the premise that overbought conditions tend to occur after the market has advanced for a disproportionate number of periods. The RSI fluctuates between 0 and 100 with 70 and 30 often used to indicate overbought and oversold levels, and 50 the dividing line indicating the direction of the trend. The RSI should not be confused with relative strength which compares a financial instrument ito a market index.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
Solis Minerals Ltd forms bullish "Price Crosses Moving Average" chart pattern
Aug 06, 2021
Trading Central has detected a "Price Crosses Moving Average" chart pattern formed on Solis Minerals Ltd (SLMN:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.27.
Tells Me: The price is generally in an established trend (bullish or bearish) for the time horizon represented by the moving average period (21, 50 or 200 bars). 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. A bullish event is generated when the price crosses above the moving average, and in this state, the price is likely in an established uptrend. The opposite is true when the price crosses below the moving average, triggered a bearish event.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.