Arabian Cement Getting Closer To A Potential Bullish Breakout
Bruce Powers | Feb 23, 2015 04:12AM ET
Subsequent to a 23.5% correction, Arabian Cement Co (SE:3010) rebounded and has since been forming an internal symmetrical triangle price formation (internal to the larger consolidation pattern). Price is getting closer to the apex of the triangle where the two trend lines identifying the pattern converge, and therefore a breakout, either up or down, looks likely within the next couple of weeks.
A bullish breakout is indicated on trade above, and subsequent daily close above, 81.75. ARCCO would then be targeting 90.25 (triangle target), and 94.96 (127.2% Fibonacci extension of the 23.5% decline). Lower targets can also be used from prior swing highs, and include 85.75, and 89.25.
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