Ascending triangle is bullish chart pattern used in technical analysis that is easily recognizable by the distinct shape created by two trendlines. In an ascending triangle, one trendline is drawn horizontally at a level that has historically prevented the price from heading higher, while the second trendline connects a series of increasing troughs. Traders enter into long positions when the price of the asset breaks above the top resistance. Horizontal resistance is 40.5 to 41 cents resistance band. Need to clear 41 cents resistance to proceed to next resistance at 44.5 cents. Immediate support is the internal uptrend dashed red line. Main ascending triangle uptrend support is the red bold line. Key support to monitor is the 200 days EMA support line.
1 comment:
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