Chart Pattern Morphing

Most chart patterns morph into other patterns when they fail their formations. Chart patterns show possibilities of price direction, but they should never be considered a tool for price prediction. Charts tell you the story of what the markets have been doing, but they can’t tell you where it’s heading. Charts are tools for trading management and can help you minimize losses and become a better trader.

On our watchlist additions of November 14th, 2021, the stock with ticker $UPWK presented an Ascending Triangle formation since February of 2021. You can access the publication of this addition at this link. This chart has now morphed into a Rectangle pattern.

Rectangle pattern

TECHNICALS

On the daily timeframe, the price chart has formed a Rectangle pattern since February of 2021, finding strong resistance at the $60.50 price level, and finding support at the $39.35 price level.  A daily close of $62.30 will confirm the breakout from the rectangle pattern with a possible price target of $88.00. A daily close of $38.15 will confirm the breakdown of the rectangle pattern with a possible price target of $31.05.


Charts drawn using TradingView

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