chart300407

Pattern breakout confirmed by rising MACD & ADX

1) "Bullish wedges typically appear in the middle of a large rally or immediately after a stock has broken out of a basing period.

The price action prior to a wedge formation can be used as a guide in predicting the price movement upon breakout. So, for a bullish wedge in an uptrend to truly possess great potential, it must have been preceded by a significant move (i.e. if the movement into the pattern was quick and full of energy, the rally after the breakout most likely will be quick and full of energy).

The expected price movement upon breakout is approximately equal to the distance of the move into the pattern." = 27.5 + 13 = 40.5
http://www.leavittbrothers.com/education/chart_patterns/wedge_bullish.cfm

2) If the MACD is positive and rising, then positive momentum is increasing, indicating a bullish period for the SP.

3) "Go long when +DI is above -DI and ADX rises while +DI and ADX are above -DI."
http://www.incrediblecharts.com/technical/directional_movement.htm

DYOR
Regards
Chalea - GO BLR!