Descending and Ascending Channel

Descending Channel
Bullish continuation chart pattern
Negative slope
Parallel trendlines
Upper falling trendline is the resistance
Lower falling channel line is the support
Prices make lower highs and lower lows
Price travels within the channel
To be valid the pattern needs at least 2 touching points on both lines
The failure of prices to reach the bottom of the channel indicates a shift in the trend
Breakout occurs with a close above the upper falling trendline
Price target:  Add the width of the channel to the breakout point
 
Ascending Channel
Bearish continuation chart pattern
Positive slope
Parallel trendlines
Upper rising channel line is the resistance
Lower rising trendline is the support
Prices make higher highs and higher lows
Price travels within the channel
To be valid the pattern needs at least 2 touching points on both lines
The failure of prices to reach the top of the channel indicates a shift in the trend
Breakout occurs with a close below the lower rising trendline
Price target:  Add the width of the channel to the breakout point