Top Triangle - Top Wedge
Intermediate-Term Bearish
Volume 4,862,500
Close Price 3.120
Target Price 2.690 - 2.780
Pattern Duration 20 days
Inbound Trend Duration 19 days
The price seems to have reached a top, showing signs of reversal as it has broken downward after a period of uncertainty or consolidation.
A Top Triangle shows two converging trendlines as prices reach lower highs and higher (or stable) lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks down below the lower trendline with a noticeable increase in volume, confirming this bearish pattern as a reversal of the prior uptrend.
Notes: Stock Technical Analysis is based on past pattern and probability, not a call for you to trade. Do Your Own Due Diligent (DYODD).
See also;
Singapore Stock Technical Analysis
My Dividend Investing Strategy
STI ETF - Exchange Trade Funds
How Can I Start Trading Stocks In S'pore
Straits Times Index Stock Price History
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