While an ascending triangle usually forms with a prior uptrend (ie a "continuation" pattern looking to resume the prior (up) trend), the odds are also good as a trend reversal pattern when it forms at the bottom of a chart.
Looks like a breakup of this triangle is getting close especially when we see a strong gap up as it approaches the apex of the triangle (although another minor pullback cannot be ruled out).
Declining volume is also typical as the triangle is being formed and once it breaks up (for good), an increasing volume will help increase the odds of a sustainable trend.
Theoretical target is ~ 128 (a cool 68% profit potential from breakup level of 76). I would put an initial stop loss 65 and trailing the stop up on if and as the trade goes our way. Let's check back in several weeks / months to see how this will play out!
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to comment and share your opinion :)
Looks like a breakup of this triangle is getting close especially when we see a strong gap up as it approaches the apex of the triangle (although another minor pullback cannot be ruled out).
Declining volume is also typical as the triangle is being formed and once it breaks up (for good), an increasing volume will help increase the odds of a sustainable trend.
Theoretical target is ~ 128 (a cool 68% profit potential from breakup level of 76). I would put an initial stop loss 65 and trailing the stop up on if and as the trade goes our way. Let's check back in several weeks / months to see how this will play out!
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to comment and share your opinion :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.