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| Chart Analysis and Chart Pattern Recognition – Descending Triangle Pattern |
The descending
triangle is a variation of a symmetrical triangle formation that has a flat support line and
a falling resistance line. The lower highs indicate the decreasing demand and
give the descending triangle definitive bearish bias. The descending triangle
usually represents a distribution stage in bearish market. The descending
triangle is considered as a continuation pattern, especially in a downtrend, but it
may also mark a reversal in an uptrend. Volume usually increases on trend support resistance breakout.
After breakout (similar to rectangle), support may turn into potential
resistance and vice versa.
Descending Triangle Screening page presents a list of stocks forming Descending Triangle Pattern.
Tips:
# 1 As a continuation pattern, descending triangle usually appears within
a young trend, characterized by neutral long-term indicators and oversold
short-term indicators. Descending triangle resets short-term indicators to
neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, descending triangle appears in a mature uptrend,
characterized by overbought long-term and short-term indicators. This situation
usually generates bearish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance level. line. |
Descending Triangle Pattern,Descending Triangle,Descending Triangle Chart Pattern,Trend support resistance, chart pattern, chart, pattern, technical analysis, signals, chart analysis, pattern recognition, screening, technical trading |
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Costco Co. (COST) |
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| Summary:
| | | Weekly : | | Daily :  
Move cursor over the icon to see details.
| | It was a first positive week after 3 consecutive negative weeks for the Costco Co. (COST). During the week, the COST gained 15.91 points, or 3.38%, and closed at 487.05 on Friday, March 17, 2023. It was the best weekly gain since January 27, 2023. COST was trading at average weekly trading volume.
 Long-term trend: [See COST long-term trend chart]
A long-term downtrend had started on April 7, 2022 at 612.27 and reached 406.51 on May 20, 2022. COST lost 205.76 points, or 33.61%, in 6 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 469.12 and resistance is at 520.80. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend.
 Medium-term trend: [See COST medium-term trend chart]
A medium-term downtrend had started on August 18, 2022 at 564.75 and reached 447.90 on January 3, 2023. COST lost 116.85 points, or 20.69%, in 19 weeks. The chart has formed a Descending Triangle chart pattern. The trend support level is at 446.85 and resistance is at 520.80. A Descending Triangle is a variation of triangle formation that has a flat support line and falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. A Descending Triangle usually represents a distribution stage in bearish market. A Descending Triangle is considered to be a continuation pattern, especially in a down trend, but it may also mark a reversal in an uptrend. Use the following link to access a Descending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Descending Triangle pattern in a medium-term trend.
 Weekly Technical Indicators: [See COST weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since January 27, 2023. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
 Short-term trend: [See COST short-term trend chart]
A short-term downtrend had started on February 2, 2023 at 530.05 and reached 465.36 on March 3, 2023. COST lost 64.69 points, or 12.20%, in 29 days. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (459.11) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a short-term trend.
Daily Technical Indicators: [See COST daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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