πŸ“ˆπŸ“Š #ChartPattern Alert! πŸ“ˆπŸ“Š πŸ“ˆ Rising Wedge πŸ“ˆ

BATS:ADSK   Autodesk, Inc.
πŸ“ˆ What is a Rising Wedge? The Rising Wedge is a bearish chart pattern characterized by two converging trendlines, with the lower trendline sloping upward more than the upper trendline. It typically signals a potential bearish reversal, with the price likely to break downward after the wedge pattern.
πŸ“ˆ How to Identify:
Draw a trendline connecting at least two lower highs (upper trendline).
Draw another trendline connecting at least two lower lows (lower trendline).
πŸ“ˆ What it Signals: The Rising Wedge suggests a potential bearish reversal, with sellers prevailing at lower highs within the wedge. It often forms during uptrends and can precede a significant price move to the downside.
πŸ“ˆ Trade Strategy:
Consider short-selling or setting stop-loss levels if the price breaks below the lower trendline of the Rising Wedge.
Set profit targets based on the pattern's height subtracted from the breakdown point.
Implement a stop-loss to manage risk in case of a false breakdown.
Remember to use other technical indicators and conduct thorough research to support your analysis before making any trading decisions. Happy charting and trading! πŸ“‰πŸ’Ή