Is TNY trading in a Ascending Triangle.Possibly a Symmetrical Triangle as well & coincidently upon breakout would negate the descending triangle pattern which started roughly Nov 19th 2019.
Key Takeaways
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 is 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.
Ascending Triangle Key Takeaways
The trendlines of a triangle need to run along at least two swing highs and two swing lows.
Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy.
A profit target is calculated by taking the height of the triangle, at its thickest point, and adding or subtracting that to/from the breakout point.
TNY is also trading in what's called a Triple Bottom pattern with the first bottom starting roughly Oct 23rd 2019 where I have the red finger pointing right.
Key Takeaways
A triple bottom is a visual pattern that shows the buyers (bulls) taking control of the price action from the sellers (bears).
A triple bottom is generally seen as three roughly equal lows bouncing off support followed by the price action breaching resistance.
The formation of triple bottom is seen as an opportunity to enter a bullish position.
The triple bottom is similar to the double bottom chart pattern and may also look like ascending or descending triangles. Traders always look for confirmation of a triple bottom using other technical indicators or chart patterns. For example, traders might note that the stock has an oversold relative strength index ( RSI ) before a double bottom forms and/or look for a breakout to confirm that it's a triple bottom rather than a descending triangle or other bearish pattern .
The MA50&200 are the black lines, plus the 200 Day MA is black as well. TNY is trading between the MA50&200 at the moment. Roughly 48% away from the 200 Day MA, which is better than most cannabis related stocks.
