Downside breakout Artis Real Estate Investment Trust forms bearish "Downside Breakout" chart pattern
Feb 28, 2024
Trading Central has detected a "Downside Breakout" chart pattern formed on Artis Real Estate Investment Trust (AX.UN:TSX). This bearish signal indicates that the stock price may fall from the close of $5.86 to the range of $4.70 - $4.90. The pattern formed over 103 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.
Tells Me: The price broke downward out of a trading range suggesting we're entering a new downtrend.
The Downside Breakout represents a trading range in which prices move sideways between two parallel horizontal lines. It's often a pause or congestion area within an existing trend though sometimes the breakout results in a reversal to the prior trend. Either way, a downside breakout through the lower support line signals an end to the consolidation period and the start of a downtrend.
This bearish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.