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16.06.202213:44 Forex Analysis & Reviews: Bearish diamond pattern in MA stock price.

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Exchange Rates 16.06.2022 analysis

Red lines- diamond pattern boundaries

In the weekly chart of MA stock price we have identified a price pattern that if met near the highs of a trend, usually indicates increased chances of a bearish reversal. In MA weekly price chart we have identified a bearish diamond pattern. Price is now challenging the lower boundary of the pattern. Support is found at $314. There are increased chances, if support is respected, for price to bounce higher towards the upper boundary resistance at $362. Failure to hold above $314, will be a bearish signal and activation of the bearish pattern. Price will then be expected to decline towards $220-$240 area.

Alexandros Yfantis
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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