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

The Triple Bottom pattern has formed on the chart of #GOOG M5. Features of the pattern: The lower line of the pattern has coordinates 166.95 with the upper limit 166.95/166.84, the projection of the width is 174 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 165.21, 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 167.29 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 M5, #GOOG formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 175.71 is likely to encourage a continuation of the downward trend.

On the chart of #GOOG M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 178.48; the lower boundary 176.07; the width of the pattern 241 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 175.92 level.

The Bullish Flag pattern has been formed on #GOOG at M5. The lower boundary of the pattern is located at 178.02/177.74, while the higher boundary lies at 178.48/178.20. The projection of the flagpole is 98 points. This formation signals that the upward trend is most likely to continue. Therefore, if the level of 178.48 is broken, the price will move further upwards.