XVG Verge Descending Triangle emerging. look for breakout.
XVG showing a series of lower highs and a series of horizontal lows, which created a descending triangle chart pattern. Traders would look for a definitive breakdown from the lower trend line support on high volume before taking a short position in the stock. If a breakdown did occur, the price target would be set to the difference between the upper and lower trend lines .
If a breakdown doesn't occur, the stock could rebound to re-test the upper trend line resistance before making another move lower to re-test lower trend line support levels. The more times that the price touches the support and resistance levels, the more reliable the chart pattern.
I know XVG will rise significantly in the coming days, however I believe this pattern supports the view that a prime correction is happening or imminent
If a breakdown doesn't occur, the stock could rebound to re-test the upper trend line resistance before making another move lower to re-test lower trend line support levels. The more times that the price touches the support and resistance levels, the more reliable the chart pattern.
I know XVG will rise significantly in the coming days, however I believe this pattern supports the view that a prime correction is happening or imminent
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