by John Lansing | November 18, 2010 11:54 am
Today’s chart of the day is Veeco Instruments Inc. (NASDAQ: VECO).
The chart is showing a bullish symmetrical triangle. This pattern consists of two converging trendlines: The lower one is ascending, and the upper one is descending. The formation occurs because prices are reaching both lower highs and higher lows. It will display two highs touching the upper (descending) trendline and two lows touching the lower (ascending) trendline.
This pattern is confirmed when the price breaks out of the triangle formation to close above the upper (descending) trendline. VECO has broken out above the symmetrical triangle downtrend line and consolidated for the past five to six trading days. It now looks poised to resume the uptrend.
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