Bullish Signal Confirmation on $YHOO

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An Ascending Continuation Triangle shows two converging trendlines . The lower trendline is rising and the upper trendline is horizontal. This pattern occurs because the lows are moving increasingly higher but the highs are maintaining a constant price level. The pattern will have two highs and two lows, all touching the trendlines . This pattern is confirmed when the price breaks out of the triangle formation to close above the upper trendline .

This pattern with its increasingly higher lows and constant highs indicates that buyers are more aggressive than sellers. The pattern forms because a supply of shares is available at a fixed price. When the supply depletes, the shares quickly break out from the top trendline and move higher.

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