A Symmetrical Continuation Triangle (Bullish) is characterized by the convergence of two trendlines as prices form lower highs and higher lows. This pattern indicates a period of consolidation and uncertainty in the market direction. During this phase, trading volume typically diminishes as the price oscillates within a progressively narrower range.
However, before the triangle reaches its apex, there is a significant breakout above the upper trendline, accompanied by a notable increase in trading volume. This breakout serves as a confirmation of the pattern and suggests a continuation of the prior uptrend.
In summary, a Symmetrical Continuation Triangle (Bullish) demonstrates a consolidation period with decreasing volume and a narrowing price range. The pattern's bullish nature is confirmed when the price breaks out above the upper trendline with a surge in trading volume, indicating a resumption of the previous uptrend.
Note for everyone who came across this reference:
This chart analysis is only for reference purpose.
This is not buying or selling recommendations.
I am not SEBI registered.
Please consult your financial advisor before taking any trade.