Recognia Inc Bumi Resources Tbk PT forms bullish "Flag" chart pattern

Bumi Resources Tbk PT forms bullish "Flag" chart pattern
2009-03-04 11:01:24.328 GMT

A "Flag (Bullish)" chart pattern formed on Bumi Resources Tbk PT (Jakarta Stock Exchange). This bullish signal indicates that the price may rise from the close of 800.00 to the range of 910.00 - 942.00. The pattern formed over 8 days which is roughly the period of time in which the target price range may be achieved.

A Flag (Bullish) is considered a bullish signal, indicating that the current uptrend may continue. After a steep rise in price, the pennant reflects a temporary pause in the uptrend, consisting of two parallel trendlines that form a rectangular flag shape.

This bullish pattern can be seen on the following chart and was recognized by Recognia Inc.'s patent pending pattern recognition technology.