Hello, dear subscribers!
Today we will continue to consider the chart pattern. The risisng wedge is the topic of this article.
We can see the rising narrowing wedge formation when the scatter of highs and lows is decreasing during the time and price make higher highs and higher lows. There are clear support and resistance lines which have different angles of slope as you can see on the chart
The rising narrowing wedge is usually described as the bearish pattern but in practice it is not always true. In fact the direction of the breakout is the most important evidence for the price movement prediction. In this example we can see the break through the resistance line and the massive price pump.
The breakout can be fake, in that case the price returns back to the wedge. If it is true breakout the price can make an attempt to return back but there is a rejection as you can notice in our example.
DISCLAMER: Information is provided only for the educational purposes and should not be used to take action in the markets.
Today we will continue to consider the chart pattern. The risisng wedge is the topic of this article.
We can see the rising narrowing wedge formation when the scatter of highs and lows is decreasing during the time and price make higher highs and higher lows. There are clear support and resistance lines which have different angles of slope as you can see on the chart
The rising narrowing wedge is usually described as the bearish pattern but in practice it is not always true. In fact the direction of the breakout is the most important evidence for the price movement prediction. In this example we can see the break through the resistance line and the massive price pump.
The breakout can be fake, in that case the price returns back to the wedge. If it is true breakout the price can make an attempt to return back but there is a rejection as you can notice in our example.
DISCLAMER: Information is provided only for the educational purposes and should not be used to take action in the markets.
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