Agilent Technology (A) surged in March and then formed an ascending triangle over the last 4-5 weeks. These classic patterns are bullish continuation patterns that require confirmation with a breakout.
The equal highs around 17.2 mark overhead supply (resistance). The higher lows in April show buying pressure (demand) coming in at higher and higher lows. A break through overhead supply would confirm the pattern. This in turn would target a move towards the next resistance zone around 19.5-20. A move below support at 16 would negate this pattern.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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