$NWHM Forming 3 Month #AscendingTriangle #ChartPattern

With the market selling off the last 3 weeks, NYSE:NWHM been showing relative strength trading sideways to up. The stock has formed an ascending triangle chart pattern with upper boundary around $4.85 acting as resistance. The stock spent the last 4 sessions trading just under that level. The stock is also breaking a long weekly down trendline (red line on the chart), adding to the importance a possible chart pattern breakout.
Volume pattern also showing buying interest and the stock could be ready to breakout early this week. Buy a daily close about chart patter upper boundary for a possible leg higher.

Kommentera:

broke out on good volume today and i posted a breakout mode post. please follow that one for updates. i won't be updating this post anymore.