ASCENDING TRIANGLE, IMMINENT BREAKOUT
Updated
AES CORPORATION:
Text book ascending triangle.
Ascending triangle patterns usually occur in trends and acts as a continuation pattern. It's defined by a bullish trending move followed by two or more equal highs and a series of higher lows.
The pattern is complete when price breaks above the horizontal resistance area. The pattern is considered successful if price extends beyond the breakout point for at least the same distance as the pattern width.
Watch for a break of the 29 level with a potential target to 34.
Success rate: about 70%
Trade safe.
Text book ascending triangle.
Ascending triangle patterns usually occur in trends and acts as a continuation pattern. It's defined by a bullish trending move followed by two or more equal highs and a series of higher lows.
The pattern is complete when price breaks above the horizontal resistance area. The pattern is considered successful if price extends beyond the breakout point for at least the same distance as the pattern width.
Watch for a break of the 29 level with a potential target to 34.
Success rate: about 70%
Trade safe.
Trade closed: stop reached
Not every pattern works...This one failed badly. Trade closed.
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