Bullish Chart Pattern with 3 Large Caps

There is a need for all kinds of goals in the stock market.

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From heavyweight institutional investors to small but increasingly powerful retail traders to media pundits, the investment world has no shortage of characters.

The same goes for the analytical approach that forms the basis of investment decisions. Fundamental analysis involves studying a company’s financial statements, competitive advantages and internal valuation. Technical analysis looks at things from a different angle (quite literally) by examining chart patterns to predict where a stock price is headed.

Here we focus on chart lovers. Technical analysts rely on a pair of human emotions—fear and greed. They subscribe to the theory that these sentiments correspond to oversold and overbought conditions that create predictable stock price patterns. Some patterns are bullish; there are others recession,

Let’s look at some examples of US large cap stocks that have shown a bullish price pattern recently.

Is Ford Stock in a Bullish Reversal?

Ford Motor Company (NYSE: F, There are two active bullish patterns that each appeared earlier this month. With the automaker’s shares falling every month in 2022, July could end up interrupting the sharp decline.

On July 15, a diamond below Established when Ford was recording high daily high and low daily low. The pattern is formed when the lows start trending higher. A reversal occurs as soon as the share price breaks the diamond-shaped boundaries. In this case, a new uptrend could send the price in the $13 to $14 range over the next few weeks.

Soon after, Ford’s charts confirmed the double bottom. This classic pattern also suggests that a reversal is underway and a climb to $14.40 is likely in the near term. Double bottom refers to the level at which the stock falls on two occasions before reversing higher in a W-shaped manner.

After two patterns appeared, Ford moved to a high of $13.14 on July 22, but has since bounced back below $13. But there is still time for these bullish bottoms to play out.

Is Blackstone in a double bottom pattern?

alternative asset manager Blackstone Inc. ,NYSE: BX, Support has been found around $87 on several occasions this summer. As a result, its daily chart itself is forming a bullish double bottom pattern that points to a possible run to the $108 to $110 range by early August.

Two distinct lows in the double bottom can be interpreted as 1) weak selling pressure and 2) strong buying activity. In other words, fewer investors are selling the stock near the bottom and more buyers are ready to perceive what an oversold stock is.

In Blackstone’s case, the double bottom packs a bigger punch due to the difference in the two bottom points. When dips and splits occur at the same level, it provides reliability to the floor and improves the chances of a successful reversal. Blackstone’s decline is about a month apart – arguably a third matching drop in the middle of it would mark an even more solid “triple bottom”.

not so long ago black Stone The stock was priced at $150 but like other capital market companies, the bear market made a major correction. However, with the business in good health and increasing popularity of the private equity space, a breakout in high volume from this base could drive it back to record highs.

Will Enterprise Products Partners’ Stock Rise?

Enterprise Product Partners LP ,NYSE:EPD) has risen sharply after a pair of bullish technical patterns formed earlier this month. If they continue to play as designed, Midstream Energy Co.’s shares could hit $30 by mid-August.

A continuation began on July 7 after Enterprise Products fell below $23 for the first time since March 2022. Bullish continuation occurs when an uptrend is temporarily interrupted before finally continuing. It marks the period when Bear Try to lose control of a stock, but get overpowered by the bulls. The wedge formed by the two converging trend lines is broken and the uptrend resumes. For enterprise products, it took about four months to create the pattern and aim for a run for at least $29.

The stock declined soon after forming a continuous wedge but another pattern emerged to save the day and support the uptrend. It was the double bottom of July 19, from which the stock did not look back. On July 26, Enterprise Products traded appropriately around $26—and with two technical patterns in its favor, it has its sights set at $30.

Ford Motor is part of the Entrepreneur Index, which tracks some of the largest publicly traded companies founded and operated by entrepreneurs.