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On that basis there is either a potential bullish ascending triangle or a potential cup and handle pattern that would both be confirmed as active on a sustained move above $123.
"Even at such high level, the bullishness of the market continues to be obvious, with the ascending triangle pattern of the index intact despite corrections last week," said Limlingan.
The uptrend on Abu Dhabi index is still intact and may hit a resistance at 5,050 later this month, and may even hit 5,289 in the next few months after the index has shown ascending triangle on a medium term chart, said Al Ashri.
First, a bullish breakout of an ascending triangle consolidation pattern triggered on the move above 4,008.38 last week.
Technically the stock has made an ascending triangle on daily charts and is breaking out of it; also, with the auto sector being as correlated to GDP as it is, the reforms the government is bringing in could drive this stock higher." Ascending triangle is a bullish chart pattern used in technical analysis that is easily recognisable by the distinct shape created by two trend lines.
"The bullish ascending triangle suggests a continuum of the upward trend, subject to the stock breaking past the short term resistance point at EUR 1.15.
An Ascending Triangle Pattern is a continuation pattern and usually occurs after a large run up in price.
In a brief technical note earlier this week concerning the Russell 2000 ETF (IWM), we mentioned a potential bullish ascending triangle pattern on the daily chart that had upside potential to the $178 area.
Given the weak breakout factors, that pullback has the potential to fall deeper into the ascending triangle consolidation formation.
An Ascending Triangle Pattern is a <strong>bullish continuation pattern</strong>&nbsp;and usually occurs after a large run up in price.
As mentioned last week, Emirates Integrated Telecommunications has established a bullish ascending triangle consolidation pattern with a breakout price above resistance of Dh2.71.