A symmetric triangular pattern is forming on Stantec Inc. stock (STN), on this pattern depending on how the price breaks, two different positions can be placed.
If the price breaks the upper line of the triangle, a long position is recommended to take place around $25.05. With a take profit, as the distance of the base of the triangle, at about $29.74, and stop loss at $23.14 approx. Risk-Reward ratio of 2.46.
If the price breaks the triangle at the lower line, a short position is the best option at $22.54 per share approx. A take profit at $17.97 (the distance of the base of the triangle) and stop loss around $24.59 near the latest maximum point. Risk-Reward ratio of 2.23.
If the price breaks the upper line of the triangle, a long position is recommended to take place around $25.05. With a take profit, as the distance of the base of the triangle, at about $29.74, and stop loss at $23.14 approx. Risk-Reward ratio of 2.46.
If the price breaks the triangle at the lower line, a short position is the best option at $22.54 per share approx. A take profit at $17.97 (the distance of the base of the triangle) and stop loss around $24.59 near the latest maximum point. Risk-Reward ratio of 2.23.