Here are three stocks with triangle patterns on their weekly charts and each is currently testing pattern resistance.
A rising triangle pattern has formed on the Air Products and Chemicals (APD) weekly chart this year. Horizontal resistance is situated in the $172 area.
On the A.O. Smith Corporation (AOS) chart a declining triangle pattern has developed. In Tuesday’s session the current $65 level is being penetrated.
Finally, there is a symmetrical triangle formation on the Thermo Fisher Scientific (TMO) weekly chart. Resistance here is also being tested strongly.
These patterns represent consolidation of previous gains and now the potential breakouts suggest an imminent resumption of the primary trends.