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

On the chart of #PEP M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 156.12; the lower boundary 154.38; the width of the pattern 174 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 154.23 level.

According to the chart of M5, #PEP formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 154.95 – 154.95 and upper border 156.19 – 156.19. In case the lower border is broken, the instrument is likely to follow the downward trend.

The Double Bottom pattern has been formed on #PEP M5. Characteristics: the support level 156.94; the resistance level 157.45; the width of the pattern 51 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 57 points.

The Bearish pennant pattern has formed on the #PEP M5 chart. It signals potential continuation of the existing trend. Specifications: the pattern’s bottom has the coordinate of 161.86; the projection of the flagpole height is equal to 265 pips. In case the price breaks out the pattern’s bottom of 161.86, the downtrend is expected to continue for further level 161.71.

The Bearish pennant pattern has formed on the #PEP M30 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 163.55 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.