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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 ✌
This stock has proven to be quite reliable in terms of Classical Charting. Now prices are steadily between two quite strong previous levels at 3,50 and 4,55. That's why, despite they are attempting a breakout from a Symmetrical Triangle, I'm not that incline to take this opportunity too early. I expect a bounce back from the 4,55 area most of the times and it could be a strong one. Nonetheless, if prices push through that level, it could become a solid support and buy zone for any retracement.
Just to be pedantic, I always want to see all the last price action included inside the pattern boundaries. In this case, price action between mid-november '20 and the end of february '21 was outside the Triangle. This is not didactically correct. During these poor times in terms of good patterns, I wanted to show something particular even if not exactly what I look for.
🔎🔎🔎 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"
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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 ✌
This stock has proven to be quite reliable in terms of Classical Charting. Now prices are steadily between two quite strong previous levels at 3,50 and 4,55. That's why, despite they are attempting a breakout from a Symmetrical Triangle, I'm not that incline to take this opportunity too early. I expect a bounce back from the 4,55 area most of the times and it could be a strong one. Nonetheless, if prices push through that level, it could become a solid support and buy zone for any retracement.
Just to be pedantic, I always want to see all the last price action included inside the pattern boundaries. In this case, price action between mid-november '20 and the end of february '21 was outside the Triangle. This is not didactically correct. During these poor times in terms of good patterns, I wanted to show something particular even if not exactly what I look for.
- Pattern Class: 🌕🌕🌑🌑🌑
- Target area: 5.40
- Breakout area above: 4.65
🔎🔎🔎 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.
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