- A is a small symmetrical triangle that begins wide and converges as the pattern matures (like a cone).
Here is an example of IEX .
The company has declared a good set up of numbers on 22nd July.
Profit after tax is up by 48%
Sales are up by 36%
The price is now hovering near the previous Resistance which now acts as a support
Tight price range near the . Look at the small candles.
Price goes up with rising on 23rd Aug.
Any pattern may falter depending on the overall market condition. So one should always keep a stop loss. :)
Hope you liked the idea. Happy trading.
I Will let the rest of the position run until it breaks 9 EMA.
Thank you for your valuable contribution to the TradingView community and keep up the good work!
Good clear chart with good clear explanation. (and it went up :))
As we are in a bull market, you will find this pattern in a lot of stocks.