Interpreting Price Action with Chart Patterns

Chart patterns are well documented in technical analysis literature and are based on psychological phenomena that occur between the buyers and sellers of financial instruments in liquid markets. Pattern formations do not form a trading system, but rather provide an indication of the future trend of a share as the price breaks key psychological barriers in the form of support and resistance lines.
There are numerous types of patterns, all named according to the shapes that the price graphs form between the support and resistance lines. The general types of patterns include Triangles, Channels, Wedges, and Head-and-Shoulders.

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