West High Yield Resources Stock Technicals Target $.30 West High Yield (W.H.Y.) Resources Ltd forms bullish "Diamond Bottom" chart pattern
Oct 17, 2024
Trading Central has detected a "Diamond Bottom" 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 $0.23 to the range of $0.28 - $0.30. The pattern formed over 35 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 seems to have reached a bottom, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation.
The Diamond Bottom pattern begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks upward out of the diamonds boundary lines, it marks a significant reversal to a new uptrend.
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 "Commodity Channel Index" chart pattern
Oct 17, 2024
Trading Central has detected a "Commodity Channel Index" 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 $0.23.
Tells Me: The price is relatively far from its 20-bar average price.
The Commodity Channel Index (CCI) measures the deviation of the price from its average value (comparing to a chosen moving average, typically 20 bars). The oscillator is normalized by dividing by the typical deviation, so we get an oscillator fluctuating roughly between +100 and -100. Many traders use these as overbought(+100)/oversold(-100) markers and watch for signs of reversal, but original use was to consider long positions when CCI is above +100 (bullish event), and short when below -100 (bearish event). When the price crosses back in between +100 and -100, another event is triggered to indicate an end to the prior bullish or bearish situation and a possible opportunity to close out such a position.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.