Ceylon Graphite Corp forms bullish "Gravestone" chart Apr 26, 2022
Trading Central has detected a "Gravestone (Bullish)" chart pattern formed on Ceylon Graphite Corp (CYL:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.18.
Tells Me: The bears have sustained control over the downtrend, but the period has shown a surge of bullish demand that suggests we are nearing a bottom.
During a downtrend, the bar opens at its low (or very close to its low), then rallies, but isn't able to sustain the move and closes back down near the open. The bulls have lost the battle but have shown some strength during this period. It's possible we are nearing a bottom.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.