In this blog, we have started a weekly series where we will publish a weekly blog on some Cryptos, NFTs charts that may give a possible breakout after a long consolidation.
Some chart patterns are highly predictive in nature and we will keep you posted in advance when a particular chart pattern seems to get completed.
This week we have found out the following stocks.
It has corrected a lot and consolidating for quite a long time. On the daily chart, the symmetrical triangle seems to be complete. The RSI has also relaxed from the overbought level.
After sharp correction, it seems to complete the symmetrical triangle pattern. It is a classic case of value migration.
There is a good possibility of giving a sharp breakout in the upper side. The RSI is also at 47 which is near the mean. The risk-reward ratio is highly favourable at this stage. The long Allegator lines seem to stick with each other, which may be a possible indication of the end of consolidation.
The descending triangle pattern seems to be on the verge of completion after sharp correction. The price has also started moving in the upward parallel channel. The alligator channel seems to be opening its mouth to devour any selling that comes its way to move upwards.