Bullboard - Stock Discussion Forum MCS Steel Non-Voting DR MSTUF

M.C.S. Steel Public Company Limited is a Thailand-based steel fabricating company. The principal activities of the Company and its subsidiaries are production and distribution of structural steel products for building construction, and residential development projects for sale. It is a large steel structure manufacturer, especially steel beams and columns for the construction of large high-rise... see more

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MCS Steel Non-Voting DR > Technical Analysis

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Post by retiredcf on Sep 15, 2016 7:31am

Technical Analysis

Milestone Apartments REIT forms bullish "Engulfing Line" chart pattern
Sep 14, 2016

Recognia has detected an "Engulfing Line (Bullish)" chart pattern formed on Milestone Apartments REIT (MST.UN:TSX). This bullish signal indicates that the stock price may rise from the close of $19.09.

Tells Me: The recent downtrend is due to reverse, now that buying pressure has overwhelmed prior selling pressure. Following a clear downtrend, we see two candlesticks where the white real body of the second completely envelops the black real body of the first, showing that the bulls have taken over from the bears.

This bullish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.