Reliance Symmetrical Triangle Pattern

Reliance Symmetrical Triangle Pattern

Reliance Making Symmetrical Triangle Pattern That May Be Broken Up or Down

• Symmetrical Triangle Pattern – Meaning, Formation & Trading
  

The symmetrical triangle pattern is a continuation chart pattern like Ascending and Descending Triangle patterns.

This pattern is characterized by two converging trend lines that connect a series of troughs and peaks.

The trend lines should be converging to make an equal slope.

This pattern indicates a phase of consolidation before the prices breakout.


*What is a Symmetrical Triangle Chart Pattern?
The Symmetrical Triangle Chart Pattern indicates an ongoing period of price consolidation before the prices breakout.

A bullish symmetrical triangle is a bullish continuation chart pattern, the movement preceding the triangle’s formation must be bullish .

On the other hand, A bearish symmetrical triangle is a bearish continuation chart pattern, the movement preceding the triangle’s formation must be bearish .

The symmetrical triangle pattern is different from a descending or ascending triangle pattern as both triangles’ lower and upper trend lines slope towards the center point.

A horizontal upper trendline is formed in ascending triangles that predict a higher breakout.

With a descending triangle , a horizontal lower trendline is formed that predicts a lower breakout.

The trend lines should be equal in their convergence slope when a symmetrical triangle is formed.