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Pandora’s Chart (P) Should Make Traders Sing a Happy Tune

Will Pandora keep topping the charts?


8-13-13-pThe Trending123 Pattern Scan powered by Recognia has identified a symmetrical continuation triangle pattern in Pandora Media (P) that has developed over the past 25 days.

The price has been trading at and just above the $20 resistance level, and recently broke upward out of a consolidation period, suggesting a continuation of the uptrend we’ve seen all this year. A symmetrical continuation triangle has two converging trendlines as prices reach lower highs and higher lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks out above the upper trendline with a noticeable increase in volume, confirming the pattern as a continuation of the prior uptrend.

Target Price: $22.60 – $23.20

Stop: $17.47

InvestorPlace advisor John Lansing tracks the charts all day and offers expert technical analysis in his day trading, options and trading services: Power Trading at the OpenParabolic Options and Trending123.  Trending123 members receive access to the Trending123 Pattern Scan powered by Recognia free as part of their membership.

Article printed from InvestorPlace Media,

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