Swing Traders

Ascending triangles are generally considered bullish and are most reliable when found in an uptrend. If you are into swing trading on end of day quotes, check the main trend on a weekly basis.

The top part of the triangle appears flat, while the bottom part of the triangle has an upward slant.

In ascending triangles, the market becomes overbought and prices are turned back.  Buying then re-enters the market and prices soon reach their old highs, where they are once again turned back, bouncing against the resistance line. 

Buying then resurfaces, although at a higher level than before. Prices eventually break through the old highs and are propelled even higher as new buying comes in.