Step back and tell me if Im seeing this right, IS THAT AN ACENDING TRIANGLE?
An ascending triangle is generally considered to be a continuation pattern, meaning that it is usually found amid a period of consolidation within an uptrend, but it may also occur as a reversal pattern following a prolonged downtrend. Once the breakout occurs, traders tend to aggressively buy the security and send the price higher on high volume.
Trading Ascending Triangles
The ascending triangle pattern represents a period of consolidation during an uptrend, so the volume tends to contract as the pattern develops over time. When the breakout occurs, traders usually look for a significant increase in volume as confirmation of a breakout. The absence of volume during a breakout could lead to a false breakout - or a bull trap.
~investopedia.com
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An ascending triangle is generally considered to be a continuation pattern, meaning that it is usually found amid a period of consolidation within an uptrend, but it may also occur as a reversal pattern following a prolonged downtrend. Once the breakout occurs, traders tend to aggressively buy the security and send the price higher on high volume.
Trading Ascending Triangles
The ascending triangle pattern represents a period of consolidation during an uptrend, so the volume tends to contract as the pattern develops over time. When the breakout occurs, traders usually look for a significant increase in volume as confirmation of a breakout. The absence of volume during a breakout could lead to a false breakout - or a bull trap.
~investopedia.com
Read more: Ascending Triangle www.investopedia.com...scendingtriangle.asp
Follow us: Investopedia on Facebook