═════════════════════════════════
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 ✌
The pattern has developed perfectly testing a strong resistance dating back 5 years ago on the upper side and the 200 days EMA on the downside. Yesterday prices went through the resistance with also a volume clearly above the 20 days volume average (this is not of great importance to me since volume could easily increase immediately after the breakout but it is always a good sign to see).
Considering this opportunity, on one side we have the fact that single stock strong breakouts during a bearish or at least choppy reference market index is usually a good sign for Buy & Hold strategies (especially if it occurs at the all-time high); on the other side I have, more often than not, had bad experience in trading stocks against the stock reference index.
If prices go towards the target, keep in mind that we will have to deal with the 9.15 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"
═════════════════════════════════
⚠ 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 ✌
The pattern has developed perfectly testing a strong resistance dating back 5 years ago on the upper side and the 200 days EMA on the downside. Yesterday prices went through the resistance with also a volume clearly above the 20 days volume average (this is not of great importance to me since volume could easily increase immediately after the breakout but it is always a good sign to see).
Considering this opportunity, on one side we have the fact that single stock strong breakouts during a bearish or at least choppy reference market index is usually a good sign for Buy & Hold strategies (especially if it occurs at the all-time high); on the other side I have, more often than not, had bad experience in trading stocks against the stock reference index.
If prices go towards the target, keep in mind that we will have to deal with the 9.15 previous level.
- Pattern Class: 🌕🌕🌕🌕🌕
- Target area: 9.80
- Breakout area above: 8.25
🔎🔎🔎 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.
════════════════════════════════