Take a look at the 1-year chart of QIWI (Nasdaq: QIWI) below with my added notations:
QIWI has formed a relatively clear down-channel chart pattern over the last (4) months. A channel is simply formed through the combination of a trend line support that runs parallel to a trend line resistance. When it comes to channels, remember that any (3) points can start the channel, but a 4th point or more confirms it. You can see that QIWI has several points of channel resistance (blue) and support (red).
The Tale of the Tape: QIWI has formed a common pattern known as a channel, in this case a down channel. A long trade could be entered on a pullback down to the channel support (approaching $30), or on a break through the channel resistance, which is currently getting close to $38.
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