Indicators and patterns
11/8/2024
Indicators and patterns
The On-Neck Pattern is a bearish technical analysis pattern that consists of two candlesticks. In this pattern, the first candlestick is a long white (or green) candle, followed by a second black (or red) candle that opens at or near the high of the first candle and closes near its low. This pattern suggests a potential continuation of a downtrend.In this specific case, the On-Neck Pattern has been identified on the XAU/USD (Gold/US Dollar) currency pair chart, on a 15-minute timeframe. The pattern is considered bearish, indicating a potential downward movement in the price.
The signal generated by this pattern is to sell, as it suggests that the downtrend may continue. The pattern was identified at a price of 2683.32007 on November 8, 2024, at 7:15 AM.
Traders and investors may use this information to make informed decisions about their trading strategies, considering the bearish signal provided by the On-Neck Pattern on the XAU/USD chart.
This is not investment advice. Remember to verify the information provided here.
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