ATAC Resources

Goldstrike Resources bullish Ascending Continuation Triangle sets target price $0.50

Aug 05, 2016

Recognia has detected an "Ascending Continuation Triangle" chart pattern formed on Goldstrike Resources Ltd (GSR: TSXV). This bullish signal indicates that the stock price may rise from the close of $0.32 to the range of $0.46 - $0.50. The pattern formed over 36 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.

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

The increasingly higher lows and constant highs within this pattern tell us that buyers are more aggressive than sellers, confirmed by a breakout through a resistance level to signal a continuation of the prior uptrend. An Ascending Triangle, with its increasingly higher lows and constant highs, indicates that buyers are more aggressive than sellers. The pattern typically forms because a supply of shares is available at a certain price, represented by the upper flat line. When the supply depletes, the shares quickly break out from the top trendline and move higher.