Based on the chart, the pattern shown is most likely called a "descending triangle".
Explanation:
Formation:
A descending triangle is formed when the price creates a horizontal support line with a downward sloping resistance line, creating a triangle shape that appears to be "descending".
Interpretation:
This pattern usually indicates a bearish continuation signal, meaning the price is likely to break below the support level and continue its downward trend.
Key points to remember:
Volume: Decreasing volume within the triangle can strengthen the bearish signal.
Breakout confirmation: A confirmed breakout occurs when the price closes below the support line.
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