Tuesday, January 21, 2014

Ascending Continuation Triangle

Federal National Mortgage Association forms bullish "Ascending Continuation Triangle" chart pattern

Recognia has detected an "Ascending Continuation Triangle" chart pattern formed on Federal National Mortgage Association (FNMA on NASDAQ). This bullish signal indicates that the price may rise from the close of 3.28 to the range of 4.20 - 4.50. The pattern formed over 44 days which is roughly the period of time in which the target price range may be achieved.
Federal National Mortgage Association has a current support price of 3.12 and a resistance level of 3.34.
An Ascending Continuation Triangle is considered a bullish signal. It indicates a possible continuation of the current uptrend. This pattern occurs because the lows are moving increasingly higher but the highs are maintaining a constant price level. The technical event occurs when the price breaks out of the triangle formation to close above the upper trendline, thereby confirming the pattern.
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