NYSE Composite - Price Action Consolidated In A Triangle Pattern for NYSE:NYA by NaranjCapital

NYSE Composite - Price Action Consolidated In A Triangle Pattern

(1) The price was in an upward trend before reaching the 17,500 level.

(2) Following that, the price began to decrease, experiencing a drop of nearly 21%.

(3) After finding support near the 13,300 level, the price rose and broke through the neckline of the Inverted Head & Shoulder pattern.

(4) Subsequently, the price increased and is currently consolidating within a triangle pattern.

(5) If the price successfully breaks out, the potential resistance level will be around 19,650.

Note

UPDATE
According to our analysis, the Index has breached the ascending triangle pattern and is moving towards it's potential resistance level. A successful breakthrough could indicate more room for growth.

The NYSE Composite Index is expected to grow further to 19,650 level.

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