Potential Breakout of Bullish Pennant

Potential breakout to the upside or downside of this pennant. I believe it's more likely to break upwards, as there is a very strong rising bid for support that's held up for weeks and won't budge. It's about to meet the downward sloping resistance and lead to a breakout. With potential good news coming out early next week, very high potential for a strong upwards breakout. Buy on breakout on high volume, stop below rising support line or below previous low.

Yorum:

Breakout of triangle occurred only to sell off immediately into support at top of triangle. Not a convincing breakout unless it goes again in the short-term. In the meanwhile, keep stops below swing lows and take profits at top of the slowly rising channel.