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Technical Analysis Patterns
There is nothing more precious to a trader than an ability to predict a further price movement. Technical analysis is a key to your successful transaction. At the same time, you can rely on common and recurring situations that arise in the same circumstances. Our Technical Analysis Patterns section features all trading recommendations based on the technical analysis patterns that help traders make projections and turn a profit.
Head and Shoulders
The Bullish pennant graphic pattern has formed on the #MA M30 instrument. This pattern type falls under the category of continuation patterns. In this case, if the quote can breaks out high, is expected to continue the upward trend to level 361.39.
The Triple Top pattern has formed on the chart of the #MA M15. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 347.23/348.04 with the upper limit 349.80/350.88; the projection of the width is 257 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 347.23, the price is most likely to continue the downward movement.
On the chart of #MA M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 350.88; the lower boundary 348.04; the width of the pattern 284 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 347.89 level.
According to the chart of M5, #MA formed the Bullish Rectangle. The pattern indicates a trend continuation. The upper border is 0.00, the lower border is 0.00. The signal means that a long position should be opened above the upper border 0.00 of the Bullish Rectangle.
The Bullish pennant signal – Trading instrument #MA M30, continuation pattern. Forecast: it is possible to set up a buy position above the pattern’s high of 346.83, with the prospect of the next move being a projection of the flagpole height.
The Double Top pattern has been formed on #MA M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 343.81 is broken, the downward movement will continue.
The Double Bottom pattern has been formed on #MA M15; the upper boundary is 340.85; the lower boundary is 337.63. The width of the pattern is 335 points. In case of a break of the upper boundary 340.85, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.
According to the chart of M5, #MA formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 341.12 – 0.00 and upper border 337.50 – 0.00. In case the lower border is broken, the instrument is likely to follow the downward trend.
The Double Bottom pattern has been formed on #MA M5. Characteristics: the support level 336.98; the resistance level 339.56; the width of the pattern 258 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 259 points.
The Bearish pennant pattern has formed on the #MA M15 chart. This pattern type is characterized by a slight slowdown after which the price will move in the direction of the original trend. In case the price fixes below the pattern’s low of 341.00, a trader will be able to successfully enter the sell position.