Updated
Diamond tops formation seems developing for TGL.TO
Not sure whether there is a single person on this website who even ever heard about this Canadian oil company but I just find it interesting that a diamond formation seems to be in progress on its daily chart. The pattern resulted from TGL's recent fail to penetrate what seems to be the oldest support-turned-into-resistance trendline. But given the indicators trend, the resistance is expected to eventually fail after longs pay a tribute visit to the $2,00 area.
Though not as rare as diamonds of the real world, such patterns are still not as frequent as triangles, flags, wedges, H&S etc.
Though not as rare as diamonds of the real world, such patterns are still not as frequent as triangles, flags, wedges, H&S etc.
Note
The price is very likely to bounce off the uptrend line in the $2.20 area, hence, never dropping to $2.00 as initially indicated above.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.