{"id":2585,"date":"2019-08-27T17:37:00","date_gmt":"2019-08-27T17:37:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=2585"},"modified":"2026-02-19T20:01:06","modified_gmt":"2026-02-19T20:01:06","slug":"common-chart-patterns","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/quantitative-methods\/common-chart-patterns\/","title":{"rendered":"Common Chart Patterns"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Technical Analysis (2023 Level I CFA\u00ae Exam \u2013 PM \u2013 Module 7)\",\n  \"description\": \"This video covers the principles, assumptions, and key tools of technical analysis, including chart types, trend lines, support\/resistance levels, chart patterns, and common indicators. It explores links to behavioral finance, intermarket analysis, and compares technical and fundamental analysis, with applications for portfolio management.\",\n  \"uploadDate\": \"2021-12-27T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/aIFkX46UShE\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/aIFkX46UShE\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/aIFkX46UShE\",\n  \"duration\": \"PT59M32S\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Head-and-shoulders-Pattern.png\",\n  \"caption\": \"Head-and-Shoulders Pattern\",\n  \"width\": 1010,\n  \"height\": 1209,\n  \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n  \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n  \"creditText\": \"AnalystPrep Design Team\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\"\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/images\/continuation-patterns\",\n  \"contentUrl\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Continuation-Patterns.png\",\n  \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Continuation-Patterns.png\",\n  \"caption\": \"Continuation Patterns\",\n  \"width\": 1578,\n  \"height\": 793,\n  \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n  \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n  \"creditText\": \"AnalystPrep Design Team\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\"\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/aIFkX46UShE?si=H8yXcnwNS_6BjA0G\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<p>A chart pattern is a distinct trading formation appearing repeatedly and which can be used to predict future price movements of a given stock. The formations appear on price charts and create unique, recognizable shapes. Analysts study these formations when trying to predict the future course of prices. The patterns reveal the collective psychological relationships within the market at a given time. There are two major types of chart patterns:<\/p>\n\n\n\n<div style=\"margin:22px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n        display:block;\n        width:100%;\n        text-align:center;\n        padding:14px 0;\n        border:2px solid #2f5bea;\n        border-radius:40px;\n        text-decoration:none;\n        font-weight:500;\n        font-size:18px;\n        color:#2f5bea;\n        background-color:transparent;\n        box-sizing:border-box;\n     \">\n     Practice chart pattern questions with our free trial.\n  <\/a>\n<\/div>\n\n\n\n<p><!--more--><\/p>\n<h2><strong>Reversal Patterns<\/strong><\/h2>\n<p>A reversal pattern indicates that an earlier trend is likely to reverse once it is complete. The term \u2018reversal\u2019 actually refers to the trend of the stock prior to the development of the pattern. In fact, for a pattern to have some predictive value, the pattern must be preceded by a clear, distinguishable trend. Caution is necessary when trying to identify patterns for the purpose of price prediction. Perhaps the most useful and widely recognized reversal pattern is the head-and-shoulders-pattern.<\/p>\n<p>As the name suggests, the <strong>head-and-shoulders-pattern <\/strong>has 3 distinctive parts. It appears in form of a peak (left shoulder), followed by a higher peak (head), and then a lower head (right shoulder). When the lowest points of the two troughs are connected, they form what analysts call a \u201cneckline.\u201d This type of pattern is preceded by an uptrend.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-16851 size-full\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Head-and-shoulders-Pattern.png\" alt=\"Head-and-shoulders Pattern\" width=\"1010\" height=\"1209\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Head-and-shoulders-Pattern.png 1010w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Head-and-shoulders-Pattern-251x300.png 251w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Head-and-shoulders-Pattern-768x919.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Head-and-shoulders-Pattern-855x1024.png 855w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Head-and-shoulders-Pattern-400x479.png 400w\" sizes=\"auto, (max-width: 1010px) 100vw, 1010px\" \/><\/p>\n<p>The head doubles up as the second peak and the highest point in the pattern. Neither the left shoulder nor the right one exceeds the head. In an attempt to profit from a security that exhibits a head-and-shoulders pattern, technicians set a price target equal to:<\/p>\n<p>$$ \\text{Price target} = \\text{Neckline} \u2013 (\\text{Head} \u2013 \\text{Neckline}) $$<\/p>\n<p>Investors should anticipate the price target and <strong>close<\/strong> the investment at that point. Eying even higher returns beyond the price target almost always results in lesser returns because the price starts to tumble.<\/p>\n<p>In addition, there are head-and-shoulders patterns preceded by downtrends called inverse head-and-shoulders which can be analyzed the same way as the reversal ones.<\/p>\n<p>Other reversal patterns include double bottom and triple bottom patterns.<\/p>\n<h2><strong>Continuation Patterns<\/strong><\/h2>\n<p>Unlike reversal patterns, continuation patterns suggest a pause in a trend. Some of the most well-known patterns under this category are triangles. Market veterans further subdivide these into symmetrical triangles, ascending triangles, and descending triangles. A triangle forms as the range between the high and low prices narrows. As a result, all the 3 types form after the convergence of two trend lines.<\/p>\n<p>On an ascending triangle, two or more equal highs form a horizontal line representing overhead supply. This line serves as a price ceiling, effectively preventing further movement of price. Another two or more troughs form an ascending line that converges on the upper horizontal line. Although the price remains below the upper ceiling, the higher lows are a sign of increased buying pressure, hence the \u201cbullish\u201d formation.<\/p>\n<p>The descending triangle forms during a downtrend. Remember that there are two or more equal lows form a horizontal line at the bottom, representing overhead demand. This line serves as a price floor, effectively preventing further decline in price. Another two or more declining peaks form a descending line that converges on the horizontal line. Although the price remains above this level, the lower highs signal increased selling pressure, hence the \u201cbearish\u201d formation.<\/p>\n<p>Lastly, the symmetrical triangles containing at least two higher lows and two lower highs form during a trend. Connecting these points yields convergence.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-16852\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Continuation-Patterns.png\" alt=\"Continuation-Patterns\" width=\"1578\" height=\"793\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Continuation-Patterns.png 1578w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Continuation-Patterns-300x151.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Continuation-Patterns-768x386.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Continuation-Patterns-1024x515.png 1024w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/08\/Continuation-Patterns-400x201.png 400w\" sizes=\"auto, (max-width: 1578px) 100vw, 1578px\" \/><\/p>\n<p>Other continuation patterns include rectangles, flags and pennants.<\/p>\n<p><em>Reading 56 LOS 56d:<\/em><\/p>\n<p><em>Describe <\/em><em>common <\/em><em>chart <\/em><em>patterns.<\/em><\/p>\n<div class=\"notes_inv\"><hr \/>\n<p><em><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/portfolio-management\/learning-sessions-curriculum-portfolio-management\/\">Portfolio Management \u2013 Learning Sessions<\/a><\/em><\/p>\n<\/div>\n\n\n<div style=\"text-align:center; margin:42px 0 10px;\">\n\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n        display:inline-block;\n        padding:16px 36px;\n        background-color:#3f78d7;\n        color:#ffffff;\n        text-decoration:none;\n        font-weight:600;\n        font-size:18px;\n        border-radius:40px;\n        line-height:1.1;\n     \">\n     Start Free Trial\n  <\/a>\n\n  <p style=\"\n        margin-top:18px;\n        max-width:720px;\n        margin-left:auto;\n        margin-right:auto;\n        font-size:17px;\n        line-height:1.6;\n     \">\n     Access AnalystPrep\u2019s free trial to solve CFA-style technical analysis questions, master common chart patterns, and strengthen your exam performance with detailed explanations.\n  <\/p>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>A chart pattern is a distinct trading formation appearing repeatedly and which can be used to predict future price movements of a given stock. The formations appear on price charts and create unique, recognizable shapes. Analysts study these formations when&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2585","post","type-post","status-publish","format-standard","hentry","category-quantitative-methods","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Common Chart Patterns | CFA Level I Notes<\/title>\n<meta name=\"description\" content=\"Learn common chart patterns such as head and shoulders, necklines, and continuation patterns, and how price targets are identified.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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