Handle low cam very close to mid cup which is 53.04. Amat has fallen from a bearish Rising wedge
Had it went under mid cup the pattern is invalidated
AMD also came very close to mid cup a little while ago before it broke out.
AMAT is in a falling wedge pattern as well
The falling wedge can be a reversal pattern, but it can also fit into the continuation category. As a continuation pattern, the falling wedge will still slope down, but the slope will be against the prevailing uptrend. As a reversal pattern, the falling wedge slopes down and with the prevailing trend. Regardless of the type (reversal or continuation), falling wedges are regarded as bullish patterns. This is sloping down with the prevailing trend. Amat has been in the falling wedge for over 3 weeks which is also a requirement to become a FW , and not a bear flag
If it breaks up and out of the FW , then perhaps it will reach its targets
Be safe
Not a recommendation
Had it went under mid cup the pattern is invalidated
AMD also came very close to mid cup a little while ago before it broke out.
AMAT is in a falling wedge pattern as well
The falling wedge can be a reversal pattern, but it can also fit into the continuation category. As a continuation pattern, the falling wedge will still slope down, but the slope will be against the prevailing uptrend. As a reversal pattern, the falling wedge slopes down and with the prevailing trend. Regardless of the type (reversal or continuation), falling wedges are regarded as bullish patterns. This is sloping down with the prevailing trend. Amat has been in the falling wedge for over 3 weeks which is also a requirement to become a FW , and not a bear flag
If it breaks up and out of the FW , then perhaps it will reach its targets
Be safe
Not a recommendation
Comment:
Falling wedges are bullish whether a continuation or reversal pattern