After loosing -19% from the high of $2.708, the price chart of NATGASUSD has shown a sign of bullish reversal on the 3hours ttime frame chart.
The Right-Angled and Descending Broadening Formations can act as a bullish continuation or bullish reversal chart pattern.
The right-angled and descending broadening chart pattern beats by one percentage point the performance of right-angled ascending broadening pattern in a bull market. Price trend can be up or down leading to the pattern.
The Shape looks more like a megaphone tilted down with the top horizontal. The top trendline is horizontal, the bottom one slopes downward.
At least five touches total, three peaks or three valleys should touch the associated trend line with two or more touches of the other trendline . Ideally, the second of three touches will touch (instead of coming 'close' to) the trendline .
Breakout upward 63% of the time.
The pattern is only valid when the body of the candle stick closes above the horizontal resistance.
The breakout level price (horizontal resistance): $2.377
Resistance 1: $2.421
Resistance 2: $2.469
Resistance 3: $2.517
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
The Right-Angled and Descending Broadening Formations can act as a bullish continuation or bullish reversal chart pattern.
The right-angled and descending broadening chart pattern beats by one percentage point the performance of right-angled ascending broadening pattern in a bull market. Price trend can be up or down leading to the pattern.
The Shape looks more like a megaphone tilted down with the top horizontal. The top trendline is horizontal, the bottom one slopes downward.
At least five touches total, three peaks or three valleys should touch the associated trend line with two or more touches of the other trendline . Ideally, the second of three touches will touch (instead of coming 'close' to) the trendline .
Breakout upward 63% of the time.
The pattern is only valid when the body of the candle stick closes above the horizontal resistance.
The breakout level price (horizontal resistance): $2.377
Resistance 1: $2.421
Resistance 2: $2.469
Resistance 3: $2.517
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.