A Bullish Reversal Signal Found In China Renaissance

A Bullish Reversal Signal Found In China Renaissance (1911.HK)

Is the trend of China Renaissance (1911.HK) reversing up?

Using the "Technical Insight" research tool under the Market Analysis tab, Double Bottom, an intermediate-term bullish technical event (6 weeks to 9 months), has been identified in China Renaissance.

The Double Bottom means that the price seems to have reached a bottom after failing to break through a support level and ultimately rising higher in a sign of reversal to a new uptrend.

The Double Bottom pattern forms during a downtrend as the price reaches two distinct lows at roughly the same price level. Volume reflects a weakening of the downward pressure, tending to diminish as the pattern forms, with some pickup at each low, less on the second low. Finally the price breaks upward above the highest high to confirm the bullish signal.

Source: GAIN Capital, Technical Insight

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