The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. An ascending triangle demonstrated within a chart pattern is recognized as having a bullish position and occurs as a result of price highs and price lows that have begun to converge so that they, in effect, form a point. The vertical line of the triangle is projected above the resistance line (triangle horizontal line) and the top of this line will be the estimated profit target.
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