Thompson Reuters (TRI) is forming a triangle of a different sort. Shares of this financial data stock have been forming an ascending triangle bottom for the past several months as shares absorbed the after effects of a big downside move.
An ascending triangle is very different from a symmetrical triangle in form and trading implications. This pattern is formed by a horizontal resistance level (in this case at $30.30) and uptrending support. Essentially, as shares bounce in between those two technical levels, TRI is getting squeezed closer and closer to a breakout above that $30.30 resistance level. When that happens, traders have a buy signal.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV