Stock Charts March 31th: Trend Line at Gold, Channel at Intel Stock

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Wedge chart pattern

In Exxon Mobile stock we can see a strange wedge pattern.

It consists of two condensing trend lines, and usually this predicts a continuation of a continuation upwards and a bullish movement. This pattern can be traded in the following method: we enter long trades on the lower trend line and enter short trades on the upper trend line, however in this case the pattern is already developed so we will not trade these set-ups.

Gold Trend Line

Gold price has touched an historical trend line that began at 2009 and still proves strong.

This trend line was tested for 9 times and is very strong, and has not been broken for 3 years. Therefore we can assume that price will continue upward movement and in the short-to-middle term the trend is upwards and a bullish movement is expected.

Channel chart pattern

A Channel chart pattern appeared at Intel stock. The channel consists of two parallel trend lines that bound price’s movement, and in this case the channel is ascending and trends upwards.

We will enter long trades on the lower trend line in case that a candlestick formation signals a bullish movement, and we will enter a short trade in case of a breakout downwards.

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