Bullish GE - 05 August 2024 - Technical Analysis

EURUSD Forex

General Electric

Bullish Closed

Charts by TradingView

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports General Electric Bullish bias. A break of 175.84 will support the rise towards the target of 197.47 the break of 197.47 would push the price to 211.89.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 168.34
Support S1: 167.71, S2: 166.92 , S3: 166.29
Resistance R1: 169.13 , R2: 169.76 , R3: 170.55

Brokers

Open account

Summary

Instrument :

General Electric

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

50%

Entry Level :

175.84

Activation Time :

2024-07-23 17:30

Age :

177 Bars

Progress :

Close Time :

2024-08-05 13:30

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

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Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.