BLR finally got it's 'Bullish symmetrical triangle' breakout, (72% into the triangle).
"The best breakouts occur ½ to ¾ of the way through the pattern. A stock seems to gain energy as it is compressed into the triangle, but that energy dissipates beyond the ¾ point. Volume typically diminishes as the pattern develops because traders become more and more unsure as to the stock's future direction. Then, seemingly without warning, the stock explodes out of the pattern.
Bullish symmetrical triangles appear in uptrends and typically resolve themselves to the upside. Breakouts to the upside must be accompanied by a significant increase in volume to confirm the breakout. Besides volume, the astute trader ought to look for a close above the most recent high, (24.5).This price represents the previous area of selling pressure and an area where stockholders may be looking to “get out even.”
The expected price movement upon breakout is approximately equal to the widest part of the pattern."
27 - 16 = 11
22.5 + 11 = 33.5 Target
http://www.leavittbrothers.com/education/chart_patterns/symmetrical_triangle_bullish.cfm
So after 7 days of a new uptrend BLR have a pattern breakout, a new all time high & a 49% gain. Lots of support levels for the SP now after the consolidation, with 27 at the top of the list.
DYOR
Regards
Chalea
- Forums
- ASX - By Stock
- BLR
- chart
chart
-
- There are more pages in this discussion • 23 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add BLR (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
LPM
LITHIUM PLUS MINERALS LTD.
Simon Kidston, Non--Executive Director
Simon Kidston
Non--Executive Director
SPONSORED BY The Market Online