This is a bearish chart pattern that requires a move above 5627.85 to turn positive.
The chart pattern forming looks like a hopeful double bottom in which the August 9 lows are tested successfully.
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Apple stock has traced a head and shoulders pattern as the chart shows.
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Even though Todd is recommending this utilities spider, the chart pattern is negative, suggesting that it may not be a good buy.
Over the past year, however, a potential triangle formation has been developing, which is a key chart pattern technical traders like to monitor.
To further hone the image, engineers use a technique called optical proximity correction, which uses oddly shaped bars, notches and other distortions that are cut into the chrome template on the quartz plate to trick light waves into making a more precise pattern (see chart).
Prices are now in a three-week-old downtrend on the daily bar chart and the specter of a bearish double-top reversal pattern on the daily chart has resurfaced.
The bulls need to step up and show fresh power soon to avoid further near-term chart damage, as a bearish pennant pattern may now be forming on the daily bar chart for April gold.
The chart shows a pattern of lower highs (line a), which is not a good sign.
The following chart shows the pattern being traced out by SPDR Gold Trust (GLD).
However, a bearish pennant pattern on the daily bar chart was negated Thursday.
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However, good gains in the near term would begin to produce a bullish double-bottom reversal pattern on the daily bar chart.
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On the charts, April gold futures have plunged out of a wedge pattern drawn on the daily chart, see Figure 1 below.
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For a detailed chart outlining this pattern check out the premium T3Live Off the Charts newsletter tonight, where I give an overview of the markets and provide my favorite actionable chart set-ups.
The next leg of the trade came in the form of a macro wedge pattern, as seen on the chart.
The monthly OBV (not shown) is below its WMA, and the chart still shows a pattern of lower highs and lower lows.
New York Comex gold futures have been consolidating within a rising wedge pattern, seen on the daily chart below, for several weeks now.
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Some fresh near-term technical damage was inflicted Thursday to raise the specter of a bearish double-top reversal pattern forming on the daily bar chart.
You can furthermore see in the chart above that the pattern in 2013 has been nearly an exact match to what we saw in 1995 through May 16.
But the bulls do not want to see follow-through selling pressure on Friday to produce a bearish weekly low close and raise the specter of a bearish double-top reversal pattern forming on the daily bar chart.
No chart damage has occurred recently, but the bulls are still a bit worried about the specter of a bearish double-top reversal pattern forming on the daily bar chart, if gold prices show more losses this week.
While the technical trend is strong and a bottoming pattern is seen on the monthly chart for ITB, in the near term the RSI is warning that a little froth could be taken out of the market.
No chart damage occurred Monday, but the bulls do not want to see good follow-through selling pressure on Tuesday that would likely produce some near-term technical damage and raise the specter of a bearish double-top reversal pattern forming on the daily bar chart.
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The pattern is also visible on the weekly chart, as indicated by line 1.
On the weekly chart, the entire continuation pattern took the shape of a flag, lines 1 and 2.
Bulls have gained upside technical momentum recently and a bullish double-bottom reversal pattern has formed on the daily bar chart.
Bulls have gained solid upside technical momentum recently and a bullish double-bottom reversal pattern has formed on the daily bar chart.
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