Symmetrical Triangle Dilemma - Aussie Stock Forums

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  1. #1

    Default Symmetrical Triangle Dilemma

    I have recently started studying up on triangle patterns.

    I came across the chart pattern for Denbury Resources Inc, a symmetrical triangle is forming.

    I am having trouble deciding if it is an upward or a downward trend.
    The first line(Line A) into the triangle is upward trending, but the line prior to that is a large downtrend and dictates the MA.
    So would you class this as either or downward or upward trend Symmetrical Triangle?

    Looking at it further if you include Line A in the triangle, and use line before that as a trendline to classify it as downward symmetrical triangle, the shape stops being a "Symmetrical" triangle and become more of an ascending triangle.
    So it would be more correct to leave line A out of the triangle and use it as the trend, and the symmetrical triangle becomes an upward trend.

    Note there is also a significant build of volume in recent days, it could break out.
    Attached Images
    Last edited by tminus; 2nd-April-2010 at 08:30 AM. Reason: wrong attachment

  2. #2

    Default Re: Symmetrical Triangle Dilemma

    I seem to have looked at the weekly candlestick chart, and so there isnt a candlestick for this week. But looking at the daily chart it has broken out upwards.

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