Recognia has detected a "Bottom Triangle" chart pattern formed on GoldMining Inc (GOLD on TSXV). This bullish signal indicates that the price may rise from the close of 1.76 to the range of 2.60 - 2.75. The pattern formed over 79 days which is roughly the period of time in which the target price range may be achieved.
GoldMining Inc has a current support price of 1.75 and a resistance level of 1.87.
A Bottom Triangle/Wedge is considered a bullish signal, marking a possible reversal of the current downtrend. The pattern is formed during a downtrend and shows two trendlines converging. The technical event occurs when the price breaks upward out of the Triangle/Wedge formation and closes above the upper trendline, thereby confirming the pattern.
This bullish pattern can be seen on the following chart and was detected by Recognia's proprietary pattern recognition technology.
Recognia Alert Wire content is generated at market close by Recognia Inc. (www.recognia.com). Recognia has developed proprietary technology for chart pattern recognition and automated interpretation based on the standards of technical analysis. Recognia investment research products scan all financial instruments across covered exchanges and generate news alerts for those that have formed one of more than 25 patterns.
The information contained herein is provided as is and Recognia does not warrant the accuracy or the use of the information for any purpose. Recognia reserves the right to change the information and/or the method of its presentation or analysis at any time. This information may not be construed as investment advice or trading recommendations.
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