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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

GREY:MSTUF - Post Discussion

MCS Steel Non-Voting DR > Technical Analysis
View:
Post by retiredcf on Dec 21, 2016 7:06am

Technical Analysis

No surprise here. GLTA

Milestone Apartments REIT forms bullish "Double Bottom" chart pattern
Dec 20, 2016

Recognia has detected a "Double Bottom" chart pattern formed on Milestone Apartments REIT (MST.UN:TSX). This bullish signal indicates that the stock price may rise from the close of $18.79 to the range of $19.40 - $19.60. The pattern formed over 39 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 after failing to break through a support level and ultimately rising higher in a sign of reversal to a new uptrend. The Double Bottom pattern forms during a downtrend as the price reaches two distinct lows at roughly the same price level. Volume reflects a weakening of the downward pressure, tending to diminish as the pattern forms, with some pickup at each low, less on the second low. Finally the price breaks upward above the highest high to confirm the bullish signal. 

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

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