FX.co ★ Actual patterns. Technical analysis and trading recommendations

On the chart of #GOOG M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 369.73; the lower boundary 367.67; the width of the pattern 206 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 367.52 level.

The Triple Top pattern has formed on the chart of the #GOOG M5 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level -41, support level -107, and pattern’s width 216. Forecast If the price breaks through the support level 367.08, it is likely to move further down to 369.41.

The Triple Bottom pattern has formed on the chart of #GOOG M15. Features of the pattern: The lower line of the pattern has coordinates 369.66 with the upper limit 369.66/358.54, the projection of the width is 1474 points. The formation of the Triple Bottom pattern most likely indicates a change in the trend from downward to upward. This means that in the event of a breakdown of the resistance level 354.92, the price is most likely to continue the upward movement.

The Bearish pennant pattern has formed on the #GOOG M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 381.20 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.

According to the chart of H1, #GOOG formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 389.61 - 0.00 and support 379.05 – 379.05. In case the resistance level 379.05 - 379.05 is broken, the instrument is likely to follow the bearish trend.