Using a chart for stock $NRXP on October 14, 2021, Turbo Trading's Head Trader Robert Knight explains how to recognize developing patterns. A transcript is below the video.
Okay, this is a quick video on $NRXP and the part chart pattern that is developing here. It's really at a critical point right at the moment. But if we look at this chart, this could be your A, here's your B, C accumulation, or here's your B/C accumulation in this area. The other way to look at it is this could be a reverse head and shoulders pattern.
Here's your neckline or a double cup and handle pattern here. And this is your neckline. We see that it popped up through it, pulled back, held supports in this rising channel now. This needs to hold $13.15. If it fails there, then the chart pattern is voided, but for now here, double cup handle pops out, pulls back, holds support at $13.15 in a rising channel.
Now, this latest candle right here is very bearish though. It looks like they're trying to knock it down, but if it holds, that'll be very bullish and we'll get a pop and we should see this trade may be up to $13.75.