Symmetrical Triangle has formed on DGB which is usually considered a continuation pattern.
At minimum, we need 2 higher lows, and 2 lower highs which we have to confirm the pattern.
Volume should decrease in this pattern as the "Calm before the storm" happens.
We also have a bullish Kumo Twist on the Ichimoku and the MACD is close to crossing.
Symmetrical Triangles certainly can go in the opposite direction and it is recommended for conservative traders to enter on a confirmed breakout.
Typically after breakout, the old resistance will become support and price will come back down to test it. This would be the entry point for a conservative "breakout" trader.
There is not much room left in the triangle and I would expect us to see a breakout in either direction in the next few days at minimum.
Comment
⋅
DGB trying to break out. Lets see if it gets enough volume to push up and close a candle above the trend line.
This is the general sentiment as I see... But lately there are surprises lurking from every corner.
So I'll wait just a bit - like you said - for a conservative confirmation :)
drax14
⋅
CMF is flipping, OBV leveling out looking to turn up whilst getting lower highs. Buyers could be gearing up..
So I'll wait just a bit - like you said - for a conservative confirmation :)