Are you keeping an eye on the stock market and looking for potential trading opportunities? If so, you’ll want to pay close attention to the recent developments in the symmetrical triangle pattern that has formed. The 1.94 swing high, which matches the previous trend low from April 2023 at 1.95, holds significant longer-term importance. The recent break above this level signals increasing demand, with a daily close above 1.95 indicating a potential breakout above the 2.01 swing high, a bullish signal for traders.
In addition to breaking out of the symmetrical triangle, today’s advance also exceeded the lower dashed blue declining parallel channel line, indicating further strength in the market. The trendline on the relative strength index momentum oscillator (RSI) was also broken to the upside, adding to the positive sentiment. While today’s price action is promising, it’s important to monitor the market closely in the coming days for further confirmation of strength.
As we look ahead, potential upside price levels to watch include the 38.2% Fibonacci retracement at 2.22, highlighted by the swing low from mid-December. A rally above 2.01 would make higher targets more likely to be tested, providing traders with more opportunities for profit.
Stay tuned for more detailed analysis in the future, as we continue to monitor the market for potential trading opportunities. For a comprehensive overview of today’s economic events and their impact on the markets, be sure to check out our economic calendar on Extreme Investor Network.
