Neurometrix (NASDAQ:NURO) Inc forms bullish "Head and Shoulders Bottom" chart pattern
Recognia has detected a "Head and Shoulders Bottom" chart pattern formed on Neurometrix Inc (NURO on NASDAQ). This bullish signal indicates that the price may rise from the close of 0.79 to the range of 0.96 - 1.00. The pattern formed over 38 days which is roughly the period of time in which the target price range may be achieved.
Neurometrix Inc has a current support price of 0.78 and a resistance level of 0.80.
A Head and Shoulders Bottom is considered a bullish signal. It indicates a possible reversal of the current downtrend into a new uptrend. A perfect example of the Head and Shoulders Bottom has three sharp low points, the middle one being lowest, created by three successive reactions in the price of the financial instrument. The technical event occurs when the resistance marked by the "neckline" is broken, thereby confirming the pattern.