Last week I posted a trade I was taking in Popular Inc. (BPOP) and the favorite setup of mine it was exhibiting: The Ascending Triangle Breakout.
The stock broke out in a major way today. While it is trading outside the Upper Bollinger Band, it has has a history of doing so, and doesn’t warrant the need to book the profits on the trade. So I’m staying long and strong on it.
Going forward I expect the strength of the breakout will take it above $35 and perhaps higher, at which point, I’ll start drastically tightening my stop-loss on the trade.
Here’s the chart I posted last week on 8/15:
And here’s the breakout today:
Learn this chart pattern – in this market environment of fed induced rallies, these things have a history of taking off.
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