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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 🤝
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Hello Traders ✌
Nothing much to say here, energy sector is rising and this ETF could be a way to play all the Oil & Gas services at once.
I give it only three "moons" (pattern class below) because I usually prefer seeing an attempting breakout on the side of the last boundary test. In this case the two swing-point forming the upper boundary are at the early stages of the pattern. This doesn't invalidate the Rectangle, it just gives it less "power" in my experience.
If a valid breakout occurs it will also breach the 4.45 previous level.
🔎🔎🔎 ALWAYS REMEBER
"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"
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⚠ 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 ✌
Nothing much to say here, energy sector is rising and this ETF could be a way to play all the Oil & Gas services at once.
I give it only three "moons" (pattern class below) because I usually prefer seeing an attempting breakout on the side of the last boundary test. In this case the two swing-point forming the upper boundary are at the early stages of the pattern. This doesn't invalidate the Rectangle, it just gives it less "power" in my experience.
If a valid breakout occurs it will also breach the 4.45 previous level.
- Pattern Class: 🌕🌕🌕🌑🌑
- Target area: 5.70
- Breakout area above: 4.50
🔎🔎🔎 ALWAYS REMEBER
"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.
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