On the chart of Intel Corporation (INTC), we can see two bullish reversal patterns on a daily timeframe.
We can see a Descending Broadening Wedge. This is a typical bullish reversal pattern. Once the price breaks out of the upside of the pattern the highest point of the pattern becomes the target.
The second pattern is a forming Double Bottom. This pattern indicates a bullish reversal. Once the price breaks out of the neckline the target will rise the same length as the range from the neckline to the bottom
In this particular case when the Double Bottom gets validated, the Descending Broadening Wedge will be activated too. When this happens the long position can be taken when the neckline has changed from a resistance into a support.
See all further details on the chart.
Goodluck!
We can see a Descending Broadening Wedge. This is a typical bullish reversal pattern. Once the price breaks out of the upside of the pattern the highest point of the pattern becomes the target.
The second pattern is a forming Double Bottom. This pattern indicates a bullish reversal. Once the price breaks out of the neckline the target will rise the same length as the range from the neckline to the bottom
In this particular case when the Double Bottom gets validated, the Descending Broadening Wedge will be activated too. When this happens the long position can be taken when the neckline has changed from a resistance into a support.
See all further details on the chart.
Goodluck!
Trade active:
Double bottom and bullish reversal in play
Comment:
Support retested multiple times. Higher low after higher low. Very bullish price action. Enter long at the support (or wait for a breakout of the neckline) and wait patiently for INTEL to reach targets
Comment:
The price retest the support again . Potential tripple bottom formation in play.
Comment:
The price has bounced from the support zone.
Comment:
Testing resistance. Breakout expected. bulls are pushing higher
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