What are chart patterns?
✍Chart patterns presents various factors like buying, selling and the tag war between bulls and bears, and more importantly who is winning the battle into pictorial form that investors can take position accordingly. ✍Chart pattem analysis can be used to make short-term, medium-term and long-term forecasts. The data can be intraday hourly, daily, weekly or monthly and the patterns can be as short as one day or as long as many years.
✍The science of chart reading however, is not as easy as te mere memorizing of certain patterns and pictures and recalling what they generally forecast.
✍Any general stock chart is a combination of countless different patterns and is accurate analysis depends upon constant study, long experience and knowledge of all the fine points technical and fundamental.✍The ability to weigh opposing indications against each other to appraise the entire picture in the light of its most minute and composite details as well as in the recognition of any certain and memorized formula.
✍Technical analysis can at times be less science and more art Two basic tenets of technical analysis are that prices trend and that history repeats itself.
✍An up trend indicates that the forces of demand (bulls) in control and a downtrend that the forces of supply (bears) are in control.
✍The prices do not trend forever and the balance of power shifts, a chart pattem begins to emerge Certain patterns, such as a parallel channel, denote a strong trend.
The vast majority of chart patterns fall in two groups, Reversal and Continuation Patterns.
Reversal Patterns: Reversal Patterns indicate a change of trend and can be broken down into top and bottom formations.
1. Head & Shoulder Pattern - A head and shoulders pattern is a price movement formation three peaks, the outside..... READ MORE
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2. Inverted Head & shoulder pattern - The head and shoulders pattern can sometimes be..... READ MORE
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3. Rising wedge - The rising wedge is a bearish price pattern that begins wide the bottom and narrows as..... READ MORE
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4. Falling wedge - The falling wedge is a bullish pattern that begins with wide channel and..... READ MORE
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5. Double top - The double top is a price pattern formation at the end of a bull phase. It appears as two..... READ MORE
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6. Double bottom - Double bottom is an intermediate to long-term reversal pattern that can takes a few..... READ MORE
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7. Rounding Bottom - A rounding bottom is a price pattern used in chart analysis and is identified by..... READ MORE
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8. Rounding top - In the rounding top pattern, the price of the security will rise to a higher high, then..... READ MORE
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9. Triple top - The triple top is a type of price pattern used in technical analysis to..... READ MORE
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10. Triple bottom - A triple bottom is a bullish price pattern used in technical analysis that is..... READ MORE
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Continuation Patterns: Continuation Patterns indicates a pause in the trend and indicate that the previous direction will resume after period of time.
1. Symmetrical triangle
2. Ascending triangle
3. Descending triangle
4. Flag continuation pattern
5. Rectangles pattern
6. Price Channels
7. Cup & handle
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REFERENCE
BOOK - TECHNICAL ANALYSIS & CANDLESTICKS
WRITER - RAVI PATEL
PUBLISHER - BUZZINGSTOCK PUBLISHING HOUSE
