Look at this Bullish Ascending Triangle

February 15th, 2014
in contributors

by Jeff Pierce, Zentrader

I just discovered this stock over last weekend as I was going over 100′s of charts and this looks like a great long setup. The price action has remained rock steady for the week, 8.88 to 8.94 since the date on the daily chart below.   The weekly chart (not shown) remains very strong and you can see in the daily below that it's essentially been consolidating in an ascending triangle, which usually is a very bullish pattern.

Follow up:

Keep your eyes on this one - it finally got over 500k average daily volume, so more and more momentum players could jump on this now that it has some decent volume.  However, keep a close eye on the volume because for the past week it slumped badly to end Friday with less than 200k for the third day in a row.  PACR had not seen volumes lower than this since the day before and the day after Christmas.  Strong support appears at $7.65 based on my personal analysis, however it looks more likely that this busts to the upside.  But, as I said before, watch the volume - if it doesn't recover an upside break becomes less likely.


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