There was a gap down back on April 26th following a disappointing earnings release. Since then, the price has been unable to break above the resistance line created by the gap down. The price was rejected at this level for the third time but there is also an ascending triangle pattern forming. Depending on how earnings are taken there will either be a breakout or a breakdown.
Note
Earnings were positive & there was an analyst upgrade at Northland Capital from Market Perform to Outperform. The stock was up over 8% on the day as the pattern worked out into earnings. The stock closed about $1.00 away from filling the gap. We will have to see how the stock handles the weekend & if we can get the fill or not before a pullback takes hold. Some profits off the table on this type of move, now we just wait to see if the move continues or begins to pull back.Trade closed: target reached
Price filled the gap & then hit gap resistance before it began to pull back. Took the profits on the pullback.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.