A symmetrical triangle can break either way, up or down.
A break of 94.80 could signal a move down.
Not a recommendation.
If price stops at the .786, this could be a gartley pattern which would be bullish. If it drops below the .786, will be a farther drop of course. I am not gonna hold my breath though. (o:
Looks a bit too risky to go long on this one right now.
A symmetrical triangle needs 5 touches to be valid. 2 touches to one trndline and 3 to the other. sometimes the 5th touch can determine direction but price can hang inside for a while without breaking up or down. It is a consolidation pattern and direction to be determined. The top trendline is resistance and the bottom is support until price (the market) decides which way this to go.
A break of 94.80 could signal a move down.
Not a recommendation.
If price stops at the .786, this could be a gartley pattern which would be bullish. If it drops below the .786, will be a farther drop of course. I am not gonna hold my breath though. (o:
Looks a bit too risky to go long on this one right now.
A symmetrical triangle needs 5 touches to be valid. 2 touches to one trndline and 3 to the other. sometimes the 5th touch can determine direction but price can hang inside for a while without breaking up or down. It is a consolidation pattern and direction to be determined. The top trendline is resistance and the bottom is support until price (the market) decides which way this to go.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.