Third Try On Quintiles
Base watchers look for clean breakouts. You know, the ones that explode and
never look back–on heavy volume. These are the ones you tear out of your
chartbook and stick on your refrigerator as a reference.Â
Here is one that purists will ignore, but which I find interesting from a
short-term perspective.
Quintiles Transnational
(
QTRN |
Quote |
Chart |
News |
PowerRating) provides “contract
research” for pharmaceutical companies that helps them commercialize drugs.
For the past three months, QRTN has been trending higher and in Dec. trended its
way out of a base. But it has not succeed in launching into the stratosphere,
but rather, has dawdled back and forth within an ascending triangle.
Traditionally, ascending triangles break to the upside. In this case, positive
volume on the price rise would tend to support that argument.
QRTN is on its third attempt at a breakout to new highs. Further
shimmying into the ascending triangle, may be what it needs to decide one way or
the other.
Until Friday,