Wedges, triangles, and stuff: Chart patterns for breakouts Message Board

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Strategies & Market Trends : Wedges, triangles, and stuff: Chart patterns for breakouts

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To: Woodchuck who wrote (195)	8/15/1997 1:00:00 AM
From: HeyRainier	of 257

Hi Woodchuck, an asceding triangle has a basic chart pattern that resembles the following: x x xxxx x x x xxx x x xx x x x Note that it forms a right-triangle when a line is drawn across the top and when another line is drawn that connects the rising bottoms. The ascending triangle is a bullish manifestation. So the upper boundary is practically horizontal and the bottom line slopes up to meet it somewhere out to the right of the chart. Quoting from "Technical Analysis of Stock Trends:" The Ascending Triangle, pictures in the simplest and most normal form what happens when a growing demand for a certain stock meets a large block of shares for sale at a fixed price. If the demand continues, the supply being distributed at that price will eventually be entirely absorbed by new owners looking for still higher levels, and prices will then advance rapidly." If you look at MFAC, this shows best the tremendous power of an ascending triangle gone right, which simultaneously was combined with a bullish candlestick pattern. Regards, Rainier

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