Ascending Triangle Pattern Explained Using Stock $ADGI - Video and Transcript
On December 16, 2021, Turbo Trading's Head Trader Robert Knight explains an Ascending Triangle Pattern. He uses stock $ADGI -- Adagio Therapeutics Inc as an example. A transcript is below the video.
This is a video explaining the chart pattern, ascending triangle here. Now, $ADGI came down from 30 down to five and a half. In two days, big gap down, but it is bouncing back here today. It's $8.86, but this was forming- we highlighted this. First, I said, this is forming a wedge pattern watch for a pop or drop, and it got into the wedge pattern but just continued to trade sideways.
So I moved the support line here like this at the eight and a quarter. And you can see that it was running up against this eight and a quarter level as I said, here- actually, be careful this could roll over. But it did hold the trend line, and you can see it keeps making higher lows. And as you get into the apex of the wedge here, and just as it did, I said, "watch this here now; this is going to go one way or the other next few minutes." And sure enough, boom, off it went.
It's a very powerful pattern, an ascending triangle. It's usually very bullish. Now, these patterns only work 70% of the time. But look at this thing, going out here was the breakout, eight and a quarter now nine. This could trade to $9.50, $10.
