Ascending Triangle on the HPQ Daily Chart

2023년 6월 23일

SWING IDEA
Looking for a trend continuation formation on HPQ . The current chart setup could play out bullish and can be taken advantage of with a swing trade. (14D out $30 CALL) The price has returned to the same relative high 3 times. 1/2 way there on characteristics of an ascending triangle. The lows show an upward trend, indicating the sellers can't raise enough interest to form a new lower low before buyers push up the price. These characteristics form the Ascending Triangle.
The breakout point is when the price closes outside the triangle and PRIMARILY is the signal for most traders. HERE, we operate in assuming the continuation of the trend by attempting to swing an option close to the money.
Focusing on the diagonal trend line shows lows are rising and indicate buyer interest is increasing.