PAST UPDATE REVIEW AND A REMINDER OF WHICH MOMENTUM FRONT RUNNERS REPORT THIS WEEK
Ansoft Corp - (ANST) - Daily Chart has broken out of an Ascending Continuation Triangle Classic Pattern- Computer Software - Optionable
The daily chart of ANST illustrates that it has been trading in a bullish Ascending Continuation Triangle Pattern. ANST meets all the defining criteria necessary for this pattern to succeed. Entry for ANST should be above the previous day's highs at $29.05 because that means that it is attempting a break out. However, A tight stop at $28.24 is necessary for this short term trade, because you do not want to ride it back down to the uptrend line since it is not a swing trade. The pattern will be confirmed when the stock's price breaks out of the triangle formation to close above the upper trendline and above $29.05 on strong volume. Remember that Higher highs are bullish because there is no resistance above. You will notice the stock has held it's 13 day EMA during the month of December '06 and that the moving averages have crossed over and are trading in a bullish fan. Furthermore , the Aroon indicator is in a 123 bullish trend reversal marked by it's recent cross in December at the 20 line. The PPO is also in a 123 bullish trend reversal and is coiling in a sideways lateral fashion. Once ANST break's out the PPO will turn upwards. You can also see that the RSI and stochastic's are also trading in a sideways/ flat manner. The indicators and oscillators are resting, as is the price, at this point in time. Furthermore, the WM% is trading in a 123 bullish trend. Therefore, when you look at this bullish chart of ANST you can determine that the pattern, the trend, the volume, the indicators and oscillators all standing by and just waiting for a breakout to happen. Once the breakout occurs these should all rev up along with the stock's price. Price target for ANST is $6.00 above the breakout line, which would be $35.00.
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