Skip to main content

Success Rate of Symmetrical Triangle Pattern in Indian Stock Charts

Issue Abstract

If price moves in the direction signalled by the Symmetrical triangle pattern, investment success can be ensured by identifying and following signals given by this patter. This papers examines whether the pattern achieves price objective expected of it so as to consider it as a predictive tool for superior return. The study finds that majority of symmetrical triangle patters identified do not achieve the whole price objective as held traditionally, so lack predictive value.  
Keywords: Technical analysis, stock market. Stock chart, Pattern, Symmetrical Triangle, Price Objective Achievement, Predictive Tool, Superior Return.

Author Information
Dr. Sajeeve V.P.
Issue No
Volume No
Issue Publish Date
05 Apr 2019
Issue Pages

Issue References


  • Bauer Jr. Richard J. and Dahlquist Julie R., Technical Market Indicators: Analysis & Performance, John Wiley & Sons, Inc. New York the USA., (p. vii), (1999)

  • Gupta. O.P., ‘Behaviour of share Prices in India – A Test of Market Efficiency’,  National Publishing House, New Delhi, 1985.

  • Lorie, James H. and Mary T. Hamilton. ‘The stock Market Theories and Evidence’, Richard D. Irwin. Homewood Illinois, 1973.

  • Magee, John and Edwards, Robert D. ‘Technical Analysis of Stock Trends’, John Magee, Boston, Massachusetts, the USA. 

  • Pring J., Martin, `Technical analysis explained’, McGraw-Hill, (1991). Plummer, Tony, ‘Forecasting Financial Market-the Truth behind Technical Analysis’, Kogen Page Limited.


  • Aggarwal. K.P., ‘Equity Price Behaviour in India since 1951 – 52’, Indian Journal of  Economics Vo. 46, July 1965, pp. 63-92.

  • Barua and Raghunathan., ‘Inefficiency and Speculation in Indian Capital Markets’ – Vikalpa, Vol. 12, July – Sept.’ pp. 53-58.

  • Cootner, Paul H., ‘Stock Prices: Random Vs Systematic Changes’ The Industrial Management
    Review, Vol. 13. No.2. Spring 1962. pp. 24-45.

  • Fama, Eugene F., ‘Random Walks in Stock Market prices’, Financial Analyst Journal, Vo. XXI.

  • Gehm, Fred., ‘Who is R.N. Elliot and why is he making waves?’, Financial Analyst Journal, February, 1983, pp. 51-58.

  • Levy, Robert A. ‘Relative Strength as a criterion for Investment Selection’. The Journal of Finance, Vo. XXII No. 4. December 1967, pp. 595-610.

  • Levy Robert.A., ‘Conceptual Foundations of Technical Analysis’ Financial Analyst Journal, July – August, 1966, pp. 83-89, Reprinted in Sree Profit. Vol. IV. August, 1989.

  • Levy Robert A. Random Walks Reality or Myths’, Financial Analyst Journal, Vol. 23. No. 6 Nov.Dec. 1967.