ANOD_B - 9 months SYMMETRICAL TRIANGLE
══════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
The dashed-arrow shows the Parabolic Advance which have characterized this stock for past nine years (see weekly chart). Parabolic lines are not easy to draw and so they are not very precise, that's why we should never take any action based solely on it.
At the all-time high and around the 200 days EMA, a Symmetrical Triangle took place and now it seems attempting a downside breakout.
Prices are now dealing with the 84.00/88.00 area. Then we have the 81.50 previous level to breach. So, in this case, for me a valid breakout has to be below all that area, I would say at least below 80,00.
If prices go towards the target, keep in mind that we will have to deal with the 73.50 previous level.
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
═════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
The dashed-arrow shows the Parabolic Advance which have characterized this stock for past nine years (see weekly chart). Parabolic lines are not easy to draw and so they are not very precise, that's why we should never take any action based solely on it.
At the all-time high and around the 200 days EMA, a Symmetrical Triangle took place and now it seems attempting a downside breakout.
Prices are now dealing with the 84.00/88.00 area. Then we have the 81.50 previous level to breach. So, in this case, for me a valid breakout has to be below all that area, I would say at least below 80,00.
If prices go towards the target, keep in mind that we will have to deal with the 73.50 previous level.
- Pattern Class: 🌕🌕🌕🌕🌑
- Target area: 65.00
- Breakout area below: 80.00
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
═════════════════════════════