Trader's Logbook

Price of MJC is within the Symmetrical Triangle and may soon breakout. Does the price movement today suggests it will breakout soon?

The Symmetrical Triangle, usually forms during a trend as a continuation pattern. The pattern contains at least two lower highs and two higher lows. When these points are connected, the lines converge as they are extended and the symmetrical triangle takes shape. You could also think of it as a contracting wedge, wide at the beginning and narrowing over time.

Don’t be quick to jump in! While price moves inside this triangle, it may also break the support thus going down further.

Caveat!