A look at the stock chart of Ulicorp. Is the stock in an uptrend or downtrend?
Recently this stock caught my eye because it is making a symmetrical triangle in the weekly chart. Yes the weekly chart and not the daily chart. This will be more significant but it also may require quite a lot of patience on the part of the trader.
It has already broken out of this triangle pattern and thus this may be bullish for the stock. Usually the trader can buy the breakout and put a stop loss below the pattern.
The monthly chart of Ulicorp shows that this could potentially be a pattern with a target. The rapid rise is the pole while the consolidation could be the flag. Traders can use the pole as a potential target when projected upwards. You will need to study a bit the flag pattern and how to get a target price.
If Ulicorp continues to rise, then the stock may encounter resistance around the area around 2.30 to 2.50. This stock is clearly in an uptrend and the odds of it continue to move higher after the breakout is quite good.
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