Monday, October 9, 2017

Post:0023 BEL 20 (BFX) Belgium stock market index, October 9th 2017 , Symmetrical triangle pattern

BEL 20 (BFX) Belgium stock market index Analysis

What I like most in this chart is the significant meaningful trend lines, Where it is considered as a very reliable indicator for the entry points whether for the sellers or buyers (peaks or bottoms).

If we look at the chart (last 3 months) we will find that a balance (equalize) between buyers & sellers powers began to occur, which form a symmetrical triangle pattern ended by the buying power overcome (get over) the selling power, & remains the last hope for the sellers (resistance at 4056), if the buyers succeeded to breakthrough that resistance; target will be at 4228.74.

My point of view that value will decline "first" & test the support at 4007 then it will rise testing the resistance at 4056.

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