![]() Formation of a lower support line and an upper resistance line It can reverse either a medium- or long-term trend. In most cases, the pattern will form across the span of 3 to 6 months. Understandably, the rising wedge needs to reverse an existing trend. There are several prerequisites for the formation of a rising wedge (in the context of a reversal pattern). The lines are constructed by connecting two or more separate highs and lows. The support line usually has to be a bit steeper than the resistance one. The support and resistance lines both point towards an upwards direction. These sloping lines are basically support and resistance levels that move in a converging pattern (the lower line is the support line, while the upper one is the resistance line). What is a Trailing Drawdown, and How Does it Work?Ī rising wedge forms when the price’s movement consolidates between two sloping trend lines collectively displayed as a triangle. ![]()
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