When a stock's trading range narrows after an uptrend or decline, a triangle pattern appears, usually signalling consolidation, accumulation, or distribution before a continuation or reversal.
Here's a quick rundown of triangular patterns: Ascending triangles are a bullish pattern that predicts a breakout to the upside. A descending triangle is a bearish pattern that predicts a downside breakout.
As price momentarily travels sideways, a triangle chart pattern is generated by drawing two converging trendlines. Traders frequently look for a follow-up breakout in the same direction as the previous trend as a signal to enter a trade.
A bullish symmetrical triangle is a continuation chart pattern that is bullish. Two converging trend lines that are symmetrical in regard to the horizontal line constitute the pattern. The first line, also known as the "resistance line of the bullish symmetrical triangle," is a bearish trend line that creates resistance.
Traders can calculate the distance from the pattern's commencement, at the lowest point of the rising trendline, to the flat support line for the ascending triangle. Later, starting from the breakout point and terminating at the probable take profit level, the same distance can be translated.
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