Factors 1. Price has experienced a LT downtrend (Starting August 19) 2. Price slowly building a base with a short term resistance at 7c . 3. EMA is converging 4. There is an overhead gap at 8.3c which I would be looking to target, 10.5c if we're feeling more ambitious. Possible Reasons For Failure 1. No breakout/bullish price action at 7c to initiate trade 2....
Tencent in Hong Kong looks to be developing a flat bottom triangle pattern - otherwise known as a descending triangle. My only concern from a technical perspective is that these patterns are normally continuation patterns which develop in the direction of the preceding trend. However, there are instances when descending triangles form as reversal patterns at the...