Down by 4% last Friday but now trying to come back with 3% gain. The price of MJC is still within the area of our symmetrical triangle and may still continue to do so before breaking out from the resistance. Or from support? 63% of the total traded volume was done at the highest price 2.99
The symmetrical triangle, which can also be referred to as a coil, 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. Symmetrical triangle is not a bullish pattern. The price may go up or down after breaking resistance or support. Caveat!