The Graph - Forming a "Symmetrical Triangle" pattern
-Symmetrical triangles occur when a security's price is consolidating in a way that generates two converging trend lines with similar slopes.
-The breakout or breakdown targets for a symmetrical triangle are equal to the distance between the initial high and low applied to the breakout or breakdown point.
-Many traders use symmetrical triangles in conjunction with other forms of technical analysis that act as a confirmation.
The price target for a breakout or breakdown from a symmetrical triangle is equal to the distance from the high and low of the earliest part of the pattern applied to the breakout price point.
EX.
2.26021 - 0.85156 = 1.40865 : HIGH - LOW = Addon to the price
1.40865 + 1.40247 = 2.81112 : ADDON + CURRENT PRICE = Target
As with most forms of technical analysis, symmetrical triangle patterns work best in conjunction with other technical indicators and chart patterns. Traders often look for a high-volume move as confirmation of a breakout and may use other technical indicators to determine how long the breakout might last.
RSI - 52.58 Looks prime and ready for a good run, before a cool down. And then another spike up in the price action.
Bull target - 2.81112. Won't happen in one day. Probably will take half a week to pump up. Maybe more.
Bear target - The price goes back and forth for the upcoming week.
Looking for feedback on my TA. DYOR.
-The breakout or breakdown targets for a symmetrical triangle are equal to the distance between the initial high and low applied to the breakout or breakdown point.
-Many traders use symmetrical triangles in conjunction with other forms of technical analysis that act as a confirmation.
The price target for a breakout or breakdown from a symmetrical triangle is equal to the distance from the high and low of the earliest part of the pattern applied to the breakout price point.
EX.
2.26021 - 0.85156 = 1.40865 : HIGH - LOW = Addon to the price
1.40865 + 1.40247 = 2.81112 : ADDON + CURRENT PRICE = Target
As with most forms of technical analysis, symmetrical triangle patterns work best in conjunction with other technical indicators and chart patterns. Traders often look for a high-volume move as confirmation of a breakout and may use other technical indicators to determine how long the breakout might last.
RSI - 52.58 Looks prime and ready for a good run, before a cool down. And then another spike up in the price action.
Bull target - 2.81112. Won't happen in one day. Probably will take half a week to pump up. Maybe more.
Bear target - The price goes back and forth for the upcoming week.
Looking for feedback on my TA. DYOR.
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