Ascending Triangle

An ascending triangle is a chart formation where the horizontal resistance that connects the price’s highs is met by an upward sloping line that connects the lows. It is usually found on uptrends. Here, the buyers are considered the more aggressive ones against the sellers as they continually push the price higher. Hence, an ascending triangle is generally considered as a bullish continuation pattern. However, once in a awhile a downside rather than an upside breakout occurs. Either way, the price tends to reach a target which is about the length of the base of the triangle projected from the point of breakout.