Bullish Triangle in Align Technology
Align Technology has trended steadily higher for years. Now, it may be poised for a continuation to the upside after 4-1/2 months of consolidation.
The main pattern on ALGN’s chart is the ascending triangle with a top around $610. A breakout through that resistance zone could bring fence-sitters off the sidelines.
Second, notice the bullish price action around quarterly results. It gapped higher on February 4 and tried to do the same on April 29. Momentum was slowing the second time, but now it’s had some time to pause and squeeze into a tighter range.
Another potentially bullish event is the cross of the 8-day exponential moving average (EMA) above the 21-day EMA earlier in June. Notice how price also found support at the 50-day simple moving average (SMA) around the same time.
Finally, consider medical-technology peers like
Edward Lifesciences, Intuitive Surgical and 
Danaher. They’ve quietly broken out this month following strong results last quarter. The group seems to be under accumulation, which could place ALGN next on the list for new highs.
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The main pattern on ALGN’s chart is the ascending triangle with a top around $610. A breakout through that resistance zone could bring fence-sitters off the sidelines.
Second, notice the bullish price action around quarterly results. It gapped higher on February 4 and tried to do the same on April 29. Momentum was slowing the second time, but now it’s had some time to pause and squeeze into a tighter range.
Another potentially bullish event is the cross of the 8-day exponential moving average (EMA) above the 21-day EMA earlier in June. Notice how price also found support at the 50-day simple moving average (SMA) around the same time.
Finally, consider medical-technology peers like
Edward Lifesciences, Intuitive Surgical and Danaher. They’ve quietly broken out this month following strong results last quarter. The group seems to be under accumulation, which could place ALGN next on the list for new highs.TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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