Copper Lake Resources Posts Bullish Hammer and RSI Copper Lake Resources Ltd forms bullish "Relative Strength Index" chart pattern
May 13, 2022
Trading Central has detected a "Relative Strength Index (RSI)" chart pattern formed on Copper Lake Resources Ltd (CPL:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.07.
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.
Copper Lake Resources Ltd forms bullish "Hammer" chart pattern
May 13, 2022
Trading Central has detected a "Hammer" chart pattern formed on Copper Lake Resources Ltd (CPL:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.07.
Tells Me: The price may have reached the bottom of the recent downtrend, having recovered high up from a sharp decline for the session.
The Hammer appears during a downtrend, displaying a long lower shadow with a small real body at the top of the range. The price may be developing a bottom and due for a reversal to the upside.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.