Macquarie Telecom (MAQ)

Macquarie Telecom (MAQ.AX)

Indicator:

PIERCING PATTERN

BULLISH

Indicator MUST 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.

Macquarie Telecom (ASX:MAQ) has formed a new Bullish Piercing reversal pattern. This means, MAQ has been in a short term downtrend with a black candle which is followed by a strong gap down on open but closes in the upper half of the previous candle. This indicates after a very weak open the bulls have taken control on the close and highlights a potential trend change in the upward direction.

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:
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.

PROFILE: Macquarie Telecom (MAQ.AX)

Stock Exchange: ASX
Company: Macquarie Telecom
Ticker Codes: | MAQ.AX | ASX:MAQ |

Macquarie Telecom Group Limited provides telecommunication and hosting services to corporate and government customers in Australia. It offers voice services, such as fixed-line voice, unified communications, and video and Web conferencing services; managed mobility services and mobile management tools; and cloud services, including hybrid, VMWare, and private cloud services, as well as dedicated servers, colocation, managed hosting, management tools, and data center extension services. The company also provides data services, including Internet, fixed wireline Ethernet, private IP-VPN, Cisco Meraki, business NBN, international data links, SIP trunking, SaaS enabled WAN, secure remote access, and business Ethernet access. Macquarie Telecom Group Limited was founded in 1992 and is headquartered in Sydney, Australia.