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.
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