Here’s Why I Love Triangles
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News reversals are great, but sometimes
when a stock goes “airborne” you need to look for those
opportunities that afford you a good low risk entry, anticipating the stock to
“take off” once more, in the direction of the original intraday trend.
10:34:31
Intraday
Setup Alert
Airborne Inc (ABF)
has pulled back to a potential support zone comprised of the 13, 50, and 200-Day
EMAs. The stock is now consolidating after beating earnings estimates and
gapping higher. ABF is up 1.27 at 14.28.
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We had nice background evidence in the form of
three moving averages off the daily chart that laid the groundwork for which to
work our consolidation pattern. ABF eventually set up 3-Bars later as a
ascending triangle, proving that the skies are indeed a friendly place for
investors who booked a flight on Airborne in today’s session.