Trader's Logbook

BELLE CORPORATION (BEL) without fresh news from the BELLE camp or a rumor, its price may continue to run sideways within the Ascending Triangle. Just closely monitor this stock as you might be caught unprepared. A breakout from this pattern could easily be spotted by a price going up beyond the horizontal line (resistance) plus a good volume.

The Ascending Triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation.

Caveat!