Long Santos #STO #ASX # ASX200 # Trading #breakout
Hi all,
An ascending triangle is classified as a continuation chart pattern.
Continuation patterns are expected to lead to the continuation of an existing trend.
While the ascending triangle is considered a bullish continuation pattern, exceptions are quite possible. It’s not infrequent to see it develop in downtrend conditions.
Breakouts can also happen in both directions. Statistically, upward breakouts are more likely to occur, but downward ones seem to be more reliable.
Price is in an interesting area here.
Strong resistance around 8.4
Depending on your strategy offers a great RR.
Regards,
An ascending triangle is classified as a continuation chart pattern.
Continuation patterns are expected to lead to the continuation of an existing trend.
While the ascending triangle is considered a bullish continuation pattern, exceptions are quite possible. It’s not infrequent to see it develop in downtrend conditions.
Breakouts can also happen in both directions. Statistically, upward breakouts are more likely to occur, but downward ones seem to be more reliable.
Price is in an interesting area here.
Strong resistance around 8.4
Depending on your strategy offers a great RR.
Regards,