Bulls would then like to see the stock start moving up again and watch the pattern break above the highs formed by the cup.īearish technical traders would like to see the stock fall and form the handle, but instead of rising back up, they would like to see the stock continue to fall. This means there are many more buyers than sellers in the stock.īullish technical traders would like to see the stock take a slight pullback and form the handle on the chart. The RSI is sitting at 87, which is well into the overbought range that starts at 80 and goes up to 100.
#Torchlight special dividend date plus
The Relative Strength Index (RSI) shows that the stock has entered well into the overbought area. Plus Torchlight had also announced a Special Dividend of Series A Preferred Stock to be issued on a one-for-one basis to Common Stockholders of Record as of the close of market trading on J(subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid).If the stock can get back above the highs after forming a handle, it could see a breakout. (NASDAQ:TRCH), an oil and gas exploration company ('Torchlight'), today announced that it has declared a Special Dividend. The cup and handle forms after the stock makes a high and falls for a while, but eventually comes back to that high forming a cup on the chart. Torchlight Energy (TRCH), an oil and gas exploration company announced that it has declared a Special Dividend of Series A Preferred Stock to be issued on a one-for-one basis to Common Stockholders of Record as of the close of market trading on J(subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid). PLANO, TX / ACCESSWIRE / J/ Torchlight Energy Resources, Inc.A cup pattern is considered a bullish continuation pattern and may form a handle before the it's over.Each of these moving averages may hold as an area of support in the future.The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock is bullish.Shares may be forming into what technical traders would call a cup and handle pattern the stock has formed the cup of the pattern, but not the handle.Torchlight Energy was up 68% at $6.02 at last check. Late Monday, the company stated the special dividend would be issued on a one-for-one basis to common stockholders as of the close of market trading on June 24. (NASDAQ:TRCH) shares moved higher Tuesday after the company declared a special dividend of Series A preferred stock.
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