Channel pattern

The Channel chart pattern is a continuation pattern which is formed by the combination of two lines.

These two lines are parallel to each other and they resemble a channel when drawn on the price chart.

The upper line of the channel acts as the resistance line whereas the lower line acts as the support line.

When the direction of a channel is upward then it is considered the bullish channel whereas when the direction of the channel is in the downward direction then it is called a bearish channel.
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