Keep you eyes on this Ascending Channel
An ascending channel is the price action contained between upward sloping parallel lines. Higher highs and higher lows characterize this price pattern. Technical analysts construct an ascending channel by drawing a lower trend line that connects the swing lows, and an upper channel line that joins the swing highs.
Within an ascending channel, price does not always remain entirely contained within the pattern’s parallel lines but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel can signal a continuation of the move higher, while a breakdown below an ascending channel can indicate a possible trend change.
Ascending channels show a clearly defined uptrend. Traders can swing trade between the pattern’s support and resistance levels or trade in the direction of a breakout or breakdown.
Reference: https://www.investopedia.com/terms/a/ascendingchannel.asp
Within an ascending channel, price does not always remain entirely contained within the pattern’s parallel lines but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel can signal a continuation of the move higher, while a breakdown below an ascending channel can indicate a possible trend change.
Ascending channels show a clearly defined uptrend. Traders can swing trade between the pattern’s support and resistance levels or trade in the direction of a breakout or breakdown.
Reference: https://www.investopedia.com/terms/a/ascendingchannel.asp
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