Scanning for chart patterns in real time
Autochartist makes it easier to trade successfully with its tools that automatically identifies chart and Fibonacci patterns.The intraday chart of Heating Oil saw a sharp rally on September 3, and this bullish sentiment seems to have carried over even as momentum has slowed. The 30-minute chart has alerted a Rising Wedge pattern that reflects the rally, but is accompanied by a six-bar Autochartist Initial Trend reading. This signals that the trend is at its weakest state.
If the bulls can manage to hold support above the uptrend line at 11520 (A) it will trigger a correction entry long using the pattern’s lower line as verification of the uptrend. If there is enough momentum to carry prices higher through resistance at 20670 (B), look for a continuation breakout entry long. The low six-bar Initial Trend reading also opens the door for a potential reversal should the pattern’s lower line fail to hold—this would trigger a pattern reversal short sell.
