First chart pattern that we can spot is in the Amazon stock, we can spot a strange channel pattern, with two parallel trend lines.
While the upper trend line is a bit doubtful, the lower support trend line has been tested for 6 times and proven to be strong. We expect price to bounce on this support level and continue upwards. We will take a long trade right now, with stop loss below the local low at 184.00, and target at the opposite trend line – at approximately 210.
We can also see an interested chart pattern at American Express: the Wedge pattern.
The Wedge is a strong reversal pattern, that means that price will probably break upwards and continue the bullish movement. We can also confirm this signal with Fibonacci retracement: price hit the 38.2% retracement and bounced upwards, which indicates that the retracement is real and price will continue upwards very soon.
At AT&T Pattern we can see an Asymmetric Triangle chart pattern, which tells us that price is likely to break upwards and continue the bullish movement.
If price breaks the resistance level at 32.00, we expect price to continue at least to $35.5, and will enter a long trade on the Resistance level itself. We will also join the trend in case price performs a pullback from above to the 32.00 level.
The Triangle chart pattern is one of the most accurate chart patterns, and we highly recommend trading it as it is very reliable.
The Gold has tested a resistance trend line 3 times, which shows relative respect of this level from price.
However, in a weekly chart we can see that price has recently touched a long-term support trend line, which is a bullish signal. In case price breaks upwards the resistance level, we will enter a long trade on the pullback to the resistance level.
Target for such trade will be relatively high, as the long-term trend line is strong and we can expect a medium-term bullish move as a result.
Successful trading and happy easter!