Overview:
On the 30-minute chart of EXEL (Exelixis, Inc.), we’re witnessing a symmetrical triangle breakout forming near a key confluence of support/resistance. This setup could lead to a potential bullish move if confirmed.
Key Technical Highlights:
Pattern: Symmetrical triangle
Breakout Point: Near $34.85 (marked by yellow circle)
Resistance Levels:
Minor: $36.07 (red)
Major: $37.21 (green)
Support Zone: $34.10 (white line)
Volume: Moderate, needs confirmation with breakout candle
Trade Plan (Long Bias)
Entry Zone: $34.80 – $35.00 (post breakout confirmation)
Stop Loss (SL): Below $34.10 (trendline & horizontal support)
Profit Targets:
TP1: $36.07 (previous resistance)
TP2: $37.21 (major resistance zone from March highs)
️ Risk-Reward Considerations:
Symmetrical triangle suggests price compression and upcoming breakout
Risk:Reward ratio looks favorable if trade follows upward momentum
Confirmation needed with volume breakout + strong candle close above triangle
Educational Takeaway:
This is a textbook case of price consolidation followed by breakout anticipation. Symmetrical triangles often act as continuation patterns, and when paired with horizontal support and volume analysis, they offer high-probability trade setups.
Traders should always wait for confirmation—breakouts without volume can lead to fakeouts. Set tight stops and manage your trade dynamically as price action unfolds.
️ Final Thoughts:
If you’re actively trading stocks like EXEL, using clean patterns like this combined with defined entry/exit rules can dramatically improve consistency. Keep watching volume and price action for the final signal.