🔍 Overview:
On the 30-minute chart of EXEL (Exelixis, Inc.), we're witnessing a symmetrical triangle breakout forming near a key confluence of support/resistance. This setup could lead to a potential bullish move if confirmed.
📌 Key Technical Highlights:
Pattern: Symmetrical triangle
Breakout Point: Near $34.85 (marked by yellow circle)
Resistance Levels:
Minor: $36.07 (red)
Major: $37.21 (green)
Support Zone: $34.10 (white line)
Volume: Moderate, needs confirmation with breakout candle
📈 Trade Plan (Long Bias)
✅ Entry Zone: $34.80 – $35.00 (post breakout confirmation)
❌ Stop Loss (SL): Below $34.10 (trendline & horizontal support)
🎯 Profit Targets:
TP1: $36.07 (previous resistance)
TP2: $37.21 (major resistance zone from March highs)
⚙️ Risk-Reward Considerations:
Symmetrical triangle suggests price compression and upcoming breakout
Risk:Reward ratio looks favorable if trade follows upward momentum
Confirmation needed with volume breakout + strong candle close above triangle
📚 Educational Takeaway:
This is a textbook case of price consolidation followed by breakout anticipation. Symmetrical triangles often act as continuation patterns, and when paired with horizontal support and volume analysis, they offer high-probability trade setups.
Traders should always wait for confirmation—breakouts without volume can lead to fakeouts. Set tight stops and manage your trade dynamically as price action unfolds.
✍️ Final Thoughts:
If you're actively trading stocks like EXEL, using clean patterns like this combined with defined entry/exit rules can dramatically improve consistency. Keep watching volume and price action for the final signal.
On the 30-minute chart of EXEL (Exelixis, Inc.), we're witnessing a symmetrical triangle breakout forming near a key confluence of support/resistance. This setup could lead to a potential bullish move if confirmed.
📌 Key Technical Highlights:
Pattern: Symmetrical triangle
Breakout Point: Near $34.85 (marked by yellow circle)
Resistance Levels:
Minor: $36.07 (red)
Major: $37.21 (green)
Support Zone: $34.10 (white line)
Volume: Moderate, needs confirmation with breakout candle
📈 Trade Plan (Long Bias)
✅ Entry Zone: $34.80 – $35.00 (post breakout confirmation)
❌ Stop Loss (SL): Below $34.10 (trendline & horizontal support)
🎯 Profit Targets:
TP1: $36.07 (previous resistance)
TP2: $37.21 (major resistance zone from March highs)
⚙️ Risk-Reward Considerations:
Symmetrical triangle suggests price compression and upcoming breakout
Risk:Reward ratio looks favorable if trade follows upward momentum
Confirmation needed with volume breakout + strong candle close above triangle
📚 Educational Takeaway:
This is a textbook case of price consolidation followed by breakout anticipation. Symmetrical triangles often act as continuation patterns, and when paired with horizontal support and volume analysis, they offer high-probability trade setups.
Traders should always wait for confirmation—breakouts without volume can lead to fakeouts. Set tight stops and manage your trade dynamically as price action unfolds.
✍️ Final Thoughts:
If you're actively trading stocks like EXEL, using clean patterns like this combined with defined entry/exit rules can dramatically improve consistency. Keep watching volume and price action for the final signal.
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.