These stocks, Eaton Vance Municipal Income Trust, and Synageva BioPharma Corp, have been showing ascending triangle patterns on June 5. 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 Eaton Vance Municipal Income Trust (EVN) fell by 0.78% or $-0.11/share to $14.01. In the past year, the shares have traded as low as $10.36 and as high as $14.12. On average, 62400 shares of EVN exchange hands on a given day and today's volume is recorded at 36131.
Shares of Synageva BioPharma Corp (GEVA) traded higher by 3.45% or $1.21/share to $36.31. In the past year, the shares have traded as low as $8.30 and as high as $40.38. On average, 80030 shares of GEVA exchange hands on a given day and today's volume is recorded at 40829.
