luccapelegrinift

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Hello traders! Today I would like to share with you a trade that I am about to embark on. As part of my investment approach, I have decided to risk 1% of my portfolio on an opportunity I have identified in ENAGAS, a stock that shows signs of reversal for a possible longer-term uptrend. Approaching the Weekly Close Just minutes before this week's close, I am...

luccapelegrinift

In the books, it is written that symmetrical triangles are formed because of uncertainty. The market is forming an opinion about the direction of the asset. Moreover, it is said that symmetrical triangles have a higher probability of being a continuation pattern. If we apply those learnings to PSX, we have the following analysis: After an uptrend in prices,...

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We've reached the support zone. Now the battle begins. Will the buyers have more strength, or is the breakdown certain? If the buyers win, the target is the upper band of the wedge. If sellers win, the reference regarding wedge breakdowns suggests that the next move will be fast and strong towards the initial zone of the wedge.

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Simple analysis: If the ascending triangle is broken, with everything being normal, the price could reach the target.

luccapelegrinift Updated 

We have breakouts of two chart patterns happening simultaneously. A secondary rectangle and a descending primary triangle. Furthermore, the breakout of this rectangle highlights a very nice primary reversal pivot. This could indicate that a longer uptrend could be on the horizon. If this is true, it is possible that at least proportional movement of the primary...

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The current secondary downtrend has already shown signs of reversal with the latest correction leg breaking the previous top. If prices stop at the purple rectangle (33-66% reaction) and break the previous top we will have a confirmed reversal pivot. With this, the possibility of a new primary uptrend leg arises.

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The 134.07 break suggests further bullish movement from the secondary trend. Proportional resistances can appear around 142 and 144. Attention, if the breakout of 128.04 happens before, this idea is no longer valid.

luccapelegrinift Updated 

After the break of the symmetrical triangle, the index is likely to seek its first target. It is common for bearish breakouts to have pullbacks. Attention to the proportions of these next moves, any sign of fragility will be relevant as triangle breakouts can be canceled without much difficulty.