Technical Analysis Class 1 - Rectangle Chart patternDaily Chart Observation
Point no.1-Resistance– Previous swing high resistance. 3 times, price reverse from this area.
Point no.2- Support– Previous swing low support area. 2 times, price bounce back from this area.
Point no.3- Rectangle Chart Pattern.– Price is trading in the range formed the rectangle pattern.
Conclusion
From the above chart, it is clearly seen that the price is trading in the range. Now look at the current candle is at one end of the trading range that is in the support area. So there is a possibility price bounce back from this support area.
