ASCENDING TRIANGLE SPOTTED.
The ascending triangle is a mediocre performer despite its reputation as a reliable chart pattern
Price trend Can be any direction leading to the chart pattern.Triangular shape. Prices move between two converging trendlines.
Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Price must cross the pattern from side to side, filling the triangle with price movement, with not too many white space.
Price must touch each trendline at least twice, forming distinct valleys and peaks.
Volume Trends downward 77% of the time.
Breakout Upward 70% of the time and 61% of the way to the triangle apex (upward breakouts)
With price currently holding a support level of 0.238fib retracement level price is ranging within this zone.
TECHNICALS suggest that a buy signal will be given only when price closes out the triangle.
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.