Technical Analysis Class-Rounding Bottom Chart Pattern Breakdown
Daily Chart Observations
Point no.1-Resistance–
1) Previous swing high resistance.
2) Trend line resistance.
Point no.2-Support-previous swing low support. Now the price has broken the support area.
Point no.3-Rounding Bottom Pattern– Bearish Pattern
Point no.4- Double top Chart Pattern – Two tops at the resistance area.
Point no.5-Breakdown–
1) Price breaks the double top pattern
2) Price breaks the rounding bottom Pattern
Conclusion
From the above chart, it is clearly seen that there is a structural breakdown and price is trading below the important pattern. So there is a high probability of a further down move
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Disclaimer- This post is for educational purposes only, our view is, to teach technical analysis only. we are not recommended to use this analysis for the purpose of trading. once again this is an educational forum only.
Point no.1-Resistance–
1) Previous swing high resistance.
2) Trend line resistance.
Point no.2-Support-previous swing low support. Now the price has broken the support area.
Point no.3-Rounding Bottom Pattern– Bearish Pattern
Point no.4- Double top Chart Pattern – Two tops at the resistance area.
Point no.5-Breakdown–
1) Price breaks the double top pattern
2) Price breaks the rounding bottom Pattern
Conclusion
From the above chart, it is clearly seen that there is a structural breakdown and price is trading below the important pattern. So there is a high probability of a further down move
Learn and Improve Technical Analysis
Visit marketsolutions.in
Disclaimer- This post is for educational purposes only, our view is, to teach technical analysis only. we are not recommended to use this analysis for the purpose of trading. once again this is an educational forum only.