Ampleforth Governance Soars, Looks Poised for More Gains

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Ampleforth (FORTH) soared past its June highs with a 24-hour surge of more than 31%.

Despite a recent minor retracement in its price, the overall technical analysis suggests that FORTH is poised for another bullish surge.

Ampleforth Price History Shows a Falling Wedge

Ampleforth’s price has followed a falling wedge pattern, influencing its movements since February 2023. This falling wedge pattern is characterized by a series of lower highs and lower lows, indicating a potential bullish reversal as the price approaches the end of the wedge. The breakout above the upper trendline of the wedge typically signals a bullish move.

After the breakout, the price retraced and retested the upper side of the wedge. However, the bears could not lower the price, allowing buyers to enter the market and drive the price higher.

The chart shows that FORTH’s upward surge started when it formed a lower low at the $2.07 mark on the lower trendline of the falling wedge. From there, the price gradually increased, forming a triple bottom pattern and culminating in an engulfing bullish candlestick.

Ampleforth Price is on a Bullish Recovery

The Ampleforth price chart indicates that FORTH encountered a decline following the formation of a shoulder-head-shoulder pattern, but it eventually rebounded from the bottom support level. However, the rebound has gradually resulted from the bears’ attempts to pull the price down.

Notably, during the gradual rise to $2.48, FORTH formed a triple bottom, a signal traders often interpret as an entry point for buying.

The technical indicators further support a bullish move for FORTH. According to analysis, the price broke above the 50-day and the 200-day exponential moving averages. Nevertheless, after reaching a possible double top at $3.83, FORTH is currently retracing and is trading slightly below the 200-day moving average. On the positive side, the 50-day exponential moving average (50 EMA) appears resilient, encouraging buyers to enter the market and potentially driving the price upward.

The relative strength index (RSI -14) is trading at 77, above the overbought region (70). While there might be a slight retracement towards the 70-level mark, the overall sentiment remains bullish.

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