PRICE PATTERN ANALYSIS-
1) Stock broke out today from a SYMMETRICAL TRIANGLE PATTERN
2) Breakout was approximately at 2/3rd of the length of the triangle, indicating strength of the pattern
3) Pattern was formed over a period of 3 months, making Lower Highs and Higher Lows, which made a Symmetrical Triangle Pattern.
VOLUME ANALYSIS-
1) FALLING and LOW volume across the formation of the triangle.
2) BREAKOUT was accompanied by a HUGE SURGE in volume, confirming the pattern breakout validity.
TARGETS-
1) The targets for such a formation is the Difference between the 1ST HIGH and the 1ST LOW ( 215-157 ), which is equal to 58. This amount we add to the BREAKOUT POINT ( 205 ) to arrive at our TARGET ( 205+58 ), which equals 263.
1) Stock broke out today from a SYMMETRICAL TRIANGLE PATTERN
2) Breakout was approximately at 2/3rd of the length of the triangle, indicating strength of the pattern
3) Pattern was formed over a period of 3 months, making Lower Highs and Higher Lows, which made a Symmetrical Triangle Pattern.
VOLUME ANALYSIS-
1) FALLING and LOW volume across the formation of the triangle.
2) BREAKOUT was accompanied by a HUGE SURGE in volume, confirming the pattern breakout validity.
TARGETS-
1) The targets for such a formation is the Difference between the 1ST HIGH and the 1ST LOW ( 215-157 ), which is equal to 58. This amount we add to the BREAKOUT POINT ( 205 ) to arrive at our TARGET ( 205+58 ), which equals 263.