COMP 1D Ascending Triangle 23/08/2021
Updated
Potential ascending triangle visible on the 1D chart. Confirmation as per Bulkowski is 3 touches of one trendline, and 2 of the other - we are 1 touch away. Volume is also trending downwards, consistent with the pattern. Measured price target is ~28.7% (~$682). Average rise for this pattern is 43%. Breaks upwards 63% of the time.
Breakdown of lower trendline would likely lead to continuation drop until $380/$325.
Other technicals:
Breakdown of lower trendline would likely lead to continuation drop until $380/$325.
Other technicals:
- Bollinger bands are squeezing, indicating we may see a large move when this breaks out of either side.
- RSI has been bouncing off the median and is trending inside the bullish control zone.
- VPVR shows a large amount of positions being taken at this current price range.
- Higher lows being plotted so far by the lower trendline.
Comment
Coming up to lower trendline, bad news if it doesn't bounce here
Related publications
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.