Symmetrical Triangle

NASDAQ:AVID   Avid Technology, Inc
A symmetrical triangle can break to the upside or the downside. It is a neutral pattern until the top or bottom trendline is broken with conviction. It is a pattern of consolidation and continuation.

Price moves between 2 converging trendlines . Since price is being "squeezed" in to the apex of the triangle, it should eventually break one way or the other. The first touch is labeled on the top trendline as price came from below to form the structure. Had price fallen in to the structure, I would label touch 1 on the bottom trendline. You need at least 3 touches on one trendline and 2 to the other. The fifth touch sometimes is the sweet spot, but sometimes now and price can stay inside for extended periods of time.

This triangle does have a partial rise after touch 2. Usually volume trends downward during formation. Triangles with heavy break out volume do better.

No recommendation

Avid Technology , Inc. develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management, and distribution worldwide. The company’s video products and solutions include the Media Composer, a cloud-enabled solution used to edit video content; Avid NEXIS shared storage systems; Maestro solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows; AirSpeed 5000 and AirSpeed 5500 on-air server solutions; and MediaCentral, a media production suite. Its audio products and solutions comprise Pro Tools digital audio software solutions to facilitate the audio production process; Sibelius solution to create, edit, and publish musical scores; S6 line of complementary control surfaces and consoles; S1 and S4 audio control surfaces; and VENUE | S6L live sound system for mixing audio for live sound reinforcement. The company also provides Avid Link, a mobile application to connect with other artists, producers, mixers, composers, editors, videographers, movie makers, and graphic designers; FastServe video server that assists broadcasters in making the move to UHD and IP based workflows with a new and modular architecture; and hardware products, such as I/O devices, interfaces, and audio and video processing equipment. In addition, it offers various service contracts and support plans; professional services, such as workflow design and consulting, program and project management, system installation and commissioning, and custom development and role-based product level training; and public and private training to customers and alliance partners, as well as develops and licenses curriculum content for use by third party Avid Learning partners to deliver training to customers, users, and alliance partners. The company was incorporated in 1987 and is headquartered in Burlington, Massachusetts.

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