These stocks, RBC Bearings Inc, Newell Rubbermaid Inc, and PNM Resources, Inc, have been showing ascending triangle patterns on July 1. 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 RBC Bearings Inc (ROLL) traded higher by 3.16% or $1.45/share to $47.3. In the past year, the shares have traded as low as $29.39 and as high as $49.47. On average, 85240 shares of ROLL exchange hands on a given day and today's volume is recorded at 71844.
Shares of Newell Rubbermaid Inc (NWL) traded higher by 3.84% or $0.67/share to $18.14. In the past year, the shares have traded as low as $10.70 and as high as $19.31. On average, 3073190 shares of NWL exchange hands on a given day and today's volume is recorded at 3046919.
Shares of PNM Resources, Inc (PNM) traded higher by 0.26% or $0.05/share to $19.54. In the past year, the shares have traded as low as $12.47 and as high as $19.49. On average, 462330 shares of PNM exchange hands on a given day and today's volume is recorded at 619652.
