AGN.ASX in an Accending Triangle with Repeating PatternI like trading bio and pharma stocks. They trade very similar to small cap miners, but with their own little personalities.
Anyway, a large triangle is here with the price coiling up against the 0.90 resistance level. There is that long term trendline that the price is trading up against that is holding the shape firmly. As we are coming to the tip of the triangle a decision point is reached. Will the price drop out below the trendline? Or will it pop above the resistance level? On top of this there are a set of repeating patterns here. It is a pretty weak correlation I will admit, but drawn in with the pink scribble you can see the basic shape of the pattern. I'm not holding firm to it, but if the pattern is accurate then as we are at the end of the second repeating pattern and at the tip of the triangle is gives further indication that a decision point is reached in the price action.
I wouldn't advise buying at this level. Although very cheap this is a weak point of the pattern and we need further strength to be certain that this pattern is going to want to continue upwards. I'd prefer to buy above the 0.80 level to derisk a little and to feel safer and so we can use the 0.70 level as a stop level, but the 0.60 level can be used also. 0.90 is the trigger level. Prints above this level indicates that the trade is on. At which point we will use fib. levels (in grey) to determine our targets.
