Chart Pattern Morphing

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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U.S. Equities Watchlist Additions – November 22nd, 2021

The following additions to our watchlist were brought to our attention over the past weekend since they show clear Rectangle Read more

U.S. Equities Watchlist Additions – November 19th, 2021

$EVRI - Everi Holdings, Inc. engages in the provision of technology solutions to the casino, interactive and gaming industry. It Read more

$TG – Breakdown Alert

Please scroll down to see the most recent updates to this post$TG - Tredegar Corp. engages in the manufacture of Read more

$TG – Breakdown Alert

$TG – Breakdown Alert

Please scroll down to see the most recent updates to this post

$TG – Tredegar Corp. engages in the manufacture of polyethylene plastic films, polyester films, and aluminum extrusions.

Market Capitalization: 401.534M

Sector: Producer Manufacturing

TECHNICALS

On the daily timeframe, the price chart has been forming a Rectangle pattern since July of 2021, finding  support at the $12.18 price level. The daily close of $11.89 on Nov. 17th 2021 confirmed the breakdown from the Rectangle pattern with a possible price target of $11.22.

$TG – Breakdown Alert


UPDATE 11/19/2021

The price target of $TG was reached on 11/19/2021

$TG Price target reached

UPDATE 11/23/2021

$TG bounced off the price target that was reached on 11/19/2021. The alert was sent two days before.


Charts drawn using TradingView

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Chart Pattern Morphing

Most chart patterns morph into other patterns when they fail their formations. Chart patterns show possibilities of price direction, but Read more

U.S. Equities Watchlist Additions – November 22nd, 2021

The following additions to our watchlist were brought to our attention over the past weekend since they show clear Rectangle Read more

U.S. Equities Watchlist Additions – November 19th, 2021

$EVRI - Everi Holdings, Inc. engages in the provision of technology solutions to the casino, interactive and gaming industry. It Read more

$DGB – Adam and Eve Chart Pattern

$DGB – Adam and Eve Chart Pattern

$DGB – DigiByte is a rapidly growing open-source blockchain created in late 2013 and released in early 2014. DigiByte has become one of the safest, fastest, longest, and most decentralized UTXO blockchains in existence.

TECHNICALS

On the daily timeframe, the price chart has been forming what could be interpreted as a Adam and Eve pattern since May of 2021, finding strong resistance at the $0.078 price level. A daily close of $0.08 will confirm the breakout from the Adam & Eve pattern with a possible price target of $0.1250.

$DGB Adam & Eve pattern

Charts drawn using TradingView

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Chart Pattern Morphing

Most chart patterns morph into other patterns when they fail their formations. Chart patterns show possibilities of price direction, but Read more

$TG – Breakdown Alert

Please scroll down to see the most recent updates to this post$TG - Tredegar Corp. engages in the manufacture of Read more

$APO – Ascending Triangle Chart Pattern

$APO - Apollo Global Management, Inc. engages in the provision of alternative investment management services. It operates through Credit, Private Read more

$APO – Ascending Triangle Chart Pattern

$APO – Ascending Triangle Chart Pattern

$APO – Apollo Global Management, Inc. engages in the provision of alternative investment management services. It operates through Credit, Private Equity, and Real Assets segments.

Market Capitalization 25.176B

Ownership Summary: 83.61% Institutional Ownership

Sector: Finance

TECHNICALS

The price chart has formed an Ascending Triangle pattern since July2021, finding strong resistance at the $63.70 price level. The current price is above the 200 EMA. A daily close of $65.50 will confirm the breakout from the ascending triangle with a possible price target of $72.70.


Charts drawn using TradingView

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Chart Pattern Morphing

Most chart patterns morph into other patterns when they fail their formations. Chart patterns show possibilities of price direction, but Read more

$TG – Breakdown Alert

Please scroll down to see the most recent updates to this post$TG - Tredegar Corp. engages in the manufacture of Read more

$DGB – Adam and Eve Chart Pattern

$DGB - DigiByte is a rapidly growing open-source blockchain created in late 2013 and released in early 2014. DigiByte has Read more

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