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Strategies & Market Trends : Charts for Breakout II
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To: Julius Wong who wrote (2021)2/15/2004 1:45:38 PM
From: Jim Roof  Read Replies (1) of 8531
 
It is breaking out from a descending wedge consolidation. It actually began the breakout as it wandered into the 4.30 region. According to Edwards and Magee's "Technical Analysis of Stock Trends" the confirmed breakout was on Friday the 13th. I know that it has not made a new high but this type of pattern breaks out near the apex of the pattern. Another technician was anticipating the confirmed breakout when TRIB hit 4.45 on strong volume. Again, that was Friday 2/13.

Maybe you don't particularly like this type of pattern and the breakout is not as obvious as one from a flat topped triangle but it is a breakout and a good play for Tuesday.
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