📈 West High Yield Posts 2 Solid Bullish Stock Events 📈 West High Yield (W.H.Y.) Resources Ltd forms bullish "Momentum" chart pattern
Mar 08, 2024
Trading Central has detected a "Momentum" chart pattern formed on West High Yield (W.H.Y.) Resources Ltd (WHY:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.24.
Tells Me: For bullish events, upward momentum has just built up with the latest price now trading higher than the price 10 bars ago. The opposite is true for bearish events where we're seeing downward momentum now that the price is trading lower than 10 bars ago.
Momentum measures the velocity of price changes. For a 10-bar momentum, we take the difference between the last bar's close and the close 10 bars ago and we plot this as a line fluctuating above and below 0 which can be used as buy and sell signals when in agreement with prevailing trend analysis. Momentum is significant because it signals the strength of price trends. A healthy price trend tends to exhibit strong momentum, while weakening trends often have decreasing momentum indicating a trend reversal or correction.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
West High Yield (W.H.Y.) Resources Ltd forms bullish "Hammer" chart pattern
Mar 08, 2024
Trading Central has detected a "Hammer" chart pattern formed on West High Yield (W.H.Y.) Resources Ltd (WHY:TSXV). This bullish signal indicates that the stock price may rise from the close of $0.24.
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.