Evening all,
I have a short post for today.
While browsing through charts on my chart station, I came across a certain chart with price action that was easy for me to spot – an unconfirmed symmetrical triangle on Wilmar’s chart. Volume is not ideal – in triangles, we look for declining volume through the formation of the triangle. But, my brand of technical analysis is quite lax on volume – especially in pattern recognition.
The unconfirmed triangle is fairly large since it spans at least four months and counting. Size should be enough to validate a pattern, in my opinion (breakout is the most important factor). So, for now, it is a wait and see game to see which side Wilmar decides to break out to.
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