Rectangle

Long entry would be above red resistance line and XLK went over that today with a high of 128.14. A confirmed up trend is also a good idea as price can get sucked back in to the horizontal channel. There is also a possible rising and narrowing wedge..There is also an ascending triangle with the same break out level as the rectangle.

Rectangles are a period of consolidation and are continuation patterns as a rule. Mid rectangle (MR) can be a stop whichever way price goes.

Ignore pink line..I was planning to draw the ascending triangle but it runs right along the top rectangle trendline, so looked confusing (o: I can not go back and change it now.

Not a recommendation.


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