Ale Property (LEP.AX)
Trading: BUY @ $4.9
Signal Strength: STRONG
Indicator CAN BE USED in additional to another technical indicator to confirmation for trading position. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This Japanese candlestick indicator can provide guidance on the short term battle between sellers and buyers from the companies recent trading.
Ale Property (ASX:LEP) has formed a new Tweezer Piercing reversal pattern.
The Tweezer Bottom formation is viewed as a bullish reversal pattern seen at the bottom of downtrends. This is a bottom reversal pattern with two candlesticks. A black candlestick appears on the first day while a downtrend is in progress. The second day opens at a new low with a gap down and closes more than halfway into the prior black body leading to the formation of a strong white candlestick.
Calculation: Tweezer Piercing Candlestick Pattern:
1) The market is characterized by a prevailing downtrend;
2) A black candlestick appears on the first day;
3) A white candlestick opens on the second day with a gap down and closes more than halfway into the body of the first day;
4) The second day fails to close above the body of the first day;
5) Low = Low yesterday & Open = Low & Close yesterday = Low yesterday;
PROFILE: Ale Property (LEP.AX)
Stock Exchange: ASX
Company: Ale Property
Ticker Codes: | LEP.AX | ASX:LEP |
ALE Property Group (ASX:LEP) is the owner of Australia's largest portfolio of freehold pub properties. Established in November 2003, ALE owns a portfolio of around 86 pub properties across the five mainland states of Australia. All of the properties are leased to Australian Leisure and Hospitality Group Limited (ALH) for an average initial term of around a further 13 years.
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