To wrap up the year I'm going to leave you all with one more idea I have my eyes on. In this situation, we're looking at $MDU.
MDU Resources Group is a stock that we have seen consolidate into two different patterns over the course of the last nine years. Both respective patterns have yielded excellent results as both have reached their respective targets. Now it is almost time for our third pattern to breakout.
This time we are seeing price consolidate into a three and a half year long rectangle.
I'm looking for a clear break (1W candle close) above the price of $30 (dotted purple line.) After we get a clear breakout above that level, I'm looking to enter a long position targeting the price of $36.20 for a gain of ~22%.
To further support the idea of a bullish breakout, we can see the 200 EMA resting below the breakout level, which adds to my conviction that we will see a breakout to the upside.
If you would like to see more of these ideas on a regular basis, follow me as I will be posting many more exciting chances to earn on chart pattern breakouts this upcoming year!
Drop a like or comment if you found this idea informational or helpful in any way. I wish everyone a happy and healthy new year!
Cheers
MDU Resources Group is a stock that we have seen consolidate into two different patterns over the course of the last nine years. Both respective patterns have yielded excellent results as both have reached their respective targets. Now it is almost time for our third pattern to breakout.
This time we are seeing price consolidate into a three and a half year long rectangle.
I'm looking for a clear break (1W candle close) above the price of $30 (dotted purple line.) After we get a clear breakout above that level, I'm looking to enter a long position targeting the price of $36.20 for a gain of ~22%.
To further support the idea of a bullish breakout, we can see the 200 EMA resting below the breakout level, which adds to my conviction that we will see a breakout to the upside.
If you would like to see more of these ideas on a regular basis, follow me as I will be posting many more exciting chances to earn on chart pattern breakouts this upcoming year!
Drop a like or comment if you found this idea informational or helpful in any way. I wish everyone a happy and healthy new year!
Cheers