medium · Volume Price Analysis support-resistance
A trader identifies a 'Rising Triangle' pattern. The price is hitting a flat ceiling at $80.00 with rising lows. Tick volume on the pullbacks to the higher lows is 450, 320, and 190.
What does this confirm?
- A sharp, decisive upthrust is imminent right at the 80.00 resistance level.
- The pattern is failing since volume is not rising in step with the uptrend.
- Selling pressure is exhausting, validating the bullish intent of the rising lows.
- The market is quietly in a distribution phase, and the ceiling will ultimately hold firm.
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