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Chart Lessons From AGN - Triangle Breakout In Daily Chart
In this lesson, we will learn how a triangle breakout when AGN is in an uptrend help to send AGN higher tremendously.
The chart above shows the daily chart of AGN.
As you can see, the stock broke out of a daily triangle. Albeit a small one, this triangle breakout was a potent continuation pattern that help send AGN higher by a lot.
The first thing that became bullish for the stock was the fact that it had a bullish cross.
This is where the stock had the 20 MA cross back above the 50 MA.
When the stock formed a triangle, it was sitting at the 20 MA and this was ripe for a continuation move up.
Notice how the stock continued to stay above the rising 20 MA and rising 50 MA most of the time. This is a picture of strength.
Since AGN is still above these 2 rising MAs, it is very likely that it will continue to move higher.
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