BANDAI NAMCO (7832) - 16 months SYMMETRICAL TRIANGLE
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Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
If you look at the monthly chart (no shown) you will find an amazing trendline supporting Bandai Namco uptrend since 2012 and tested several times.
Maybe it's too early to post this idea since prices are far from a valid breakout and could easily make another swing within the pattern and get close to the main trendline before attempting a breakout or even reversing, but I wanted to alert you in advance anyway.
If we project the two boundary lines until they merge into the triangle apex, we will see that the possible breakout would take place at around 51% of the pattern when the best area is around 75% (60%-80% usually). This last rule is not as important as in the past. Nowadays this principle is something to firmly consider when the breakout is too close to the triangle apex rather than when it happens too early but it is still something to know and to be aware of.
If a valid breakout occurs it will also breach the previous level that formed the Symmetrical Triangle and now also all-time high.
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
════════════════════════════════
Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
═════════════════════════════════
Hello Traders ✌
If you look at the monthly chart (no shown) you will find an amazing trendline supporting Bandai Namco uptrend since 2012 and tested several times.
Maybe it's too early to post this idea since prices are far from a valid breakout and could easily make another swing within the pattern and get close to the main trendline before attempting a breakout or even reversing, but I wanted to alert you in advance anyway.
If we project the two boundary lines until they merge into the triangle apex, we will see that the possible breakout would take place at around 51% of the pattern when the best area is around 75% (60%-80% usually). This last rule is not as important as in the past. Nowadays this principle is something to firmly consider when the breakout is too close to the triangle apex rather than when it happens too early but it is still something to know and to be aware of.
If a valid breakout occurs it will also breach the previous level that formed the Symmetrical Triangle and now also all-time high.
- Pattern Class: 🌕🌕🌕🌕🌑
- Target area: 12’900
- Breakout area above: 9’900
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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