These stocks, Cimarex Energy Co, Genworth Financial Inc, Georgia Gulf Corp, First Busey Corporation, and United States Steel Corp, have been showing ascending triangle patterns on December 28. This pattern is a bullish formation that usually forms at the time of a upswing as a continuation pattern. Key characteristics that investors can look out for are trend patterns, duration and volume. In order for the pattern to be a continuation, an established pattern should exist. Since the pattern is bullish, the length and duration do not matter. What is important is the robustness of the formation. As mentioned, duration is not that important, but the average pattern lasts 1 to 2 month. As the pattern develops volume contracts and once the stock hits a break point, volume usually expands. The expansion confirms the breakout. This stock has been on a upswing, thus allowing investors to identify a resistance point. Investors may wan to consider going bearish on a breakpoint above the resistance point.
Shares of Cimarex Energy Co (XEC) fell by 2.39% or $-1.51/share to $61.62. In the past year, the shares have traded as low as $50.72 and as high as $117.46. On average, 1167350 shares of XEC exchange hands on a given day and today's volume is recorded at 427624.
Shares of Genworth Financial Inc (GNW) fell by 1.49% or $-0.10/share to $6.3. In the past year, the shares have traded as low as $4.80 and as high as $14.78. On average, 10516330 shares of GNW exchange hands on a given day and today's volume is recorded at 3488745.
Shares of Georgia Gulf Corp (GGC) fell by 2.81% or $-0.54/share to $18.68. In the past year, the shares have traded as low as $12.19 and as high as $40.59. On average, 498830 shares of GGC exchange hands on a given day and today's volume is recorded at 115551.
Shares of First Busey Corporation (BUSE) fell by 2.14% or $-0.11/share to $5.02. In the past year, the shares have traded as low as $3.73 and as high as $5.57. On average, 193840 shares of BUSE exchange hands on a given day and today's volume is recorded at 54077.
Shares of United States Steel Corp (X) fell by 3.55% or $-0.93/share to $25.27. In the past year, the shares have traded as low as $18.81 and as high as $63.75. On average, 13254240 shares of X exchange hands on a given day and today's volume is recorded at 6380068.
