TheArtOfCharting

NAVI - 3 months DESCENDING TRIANGLE

Short
NASDAQ:NAVI   Navient Corporation
═════════════════════════════════
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 ✌

Here we have a very well-defined Descending Triangle with both boundaries tested several times and taking place just above the 200 days EMA . Prices are again attempting to violate the lower boundary and if they reached the 15,30 area we could say a valid breakout had occurred. It's a pretty wide breakout but we want the previous strong level at 15,50 to be deeply breached.

  • Pattern Class: 🌕🌕🌕🌕🌕
  • Target area: 13.50
  • Breakout area below: 15.30
Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.

🔎🔎🔎 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.
════════════════════════════════
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.