MLX 0.00% 24.5¢ metals x limited

Bell Direct bearish chart signal .. 42c-44c region

  1. 1,151 Posts.
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    Read below .... they say if the pattern continues we could see the share price fall to 42-44 cent region.

    Metals X Ltd forms bearish "Symmetrical Continuation Triangle" chart pattern
    Oct 02, 2018
    Recognia has detected a "Symmetrical Continuation Triangle (Bearish)" chart pattern formed on Metals X Ltd (MLX:ASX). This bearish signal indicates that the stock price may fall from the close of 0.56 to the range of 0.42 - 0.44. The pattern formed over 15 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 has broken downward out of a consolidation period, suggesting a continuation of the prior downtrend. A Symmetrical Continuation Triangle (Bearish) shows two converging trendlines as prices reach lower highs and higher lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks down below the lower trendline with a noticeable increase in volume, confirming the pattern as a continuation of the prior downtrend.
    This bearish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.

 
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24.5¢
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Mkt cap ! $168.8M
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24.5¢ 25.0¢ 24.0¢ $160.8K 654.9K

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No. Vol. Price($)
2 44574 24.5¢
 

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Price($) Vol. No.
25.0¢ 210716 7
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