FX.co ★ Actual patterns. Technical analysis and trading recommendations
The Double Bottom pattern has been formed on #EBAY M5. Characteristics: the support level 50.10; the resistance level 50.40; the width of the pattern 30 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 30 points.
Bearish Symmetrical Triangle
According to the chart of M5, #GOOG formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 1822.84/1826.41 and upper border is 1829.66/1826.41. The pattern width is measured on the chart at -682 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and #GOOG breaches the lower border, the price could continue its move toward 1826.
The Bearish pennant pattern has formed on the #AMZN M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 3186.41 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.
The Double Bottom pattern has been formed on #MSFT M5; the upper boundary is 214.97; the lower boundary is 213.99. The width of the pattern is 103 points. In case of a break of the upper boundary 214.97, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.
The Triple Bottom pattern has been formed on #GOOG M5. It has the following characteristics: resistance level 1840.17/1829.20; support level 1822.41/1824.11; the width is 1776 points. In the event of a breakdown of the resistance level of 1840.17, the price is likely to continue an upward movement at least to 1822.99.