Don't Ignore This Chart!

IPG Photonics (IPGP) - Charting Upcoming Triangle Support

 | 

IPGP resides in the semiconductor industry and is pulling back with this industry group as June has proven to be a very rough month for this space.  I'm expecting that to soon change and IPGP could be a direct beneficiary.  But first, there's some technical business that might have to be taken care of.  After a very strong uptrend that ended in mid-2011, IPGP consolidated in a bullish long-term ascending triangle.  That pattern finally resolved to the upside in early 2015 and the recent selling could be nothing more than a retest of a key breakout level.  The selling has been on heavier volume the past couple trading sessions and that could create more stops being triggered and further weakness in the near-term as April price support is being violated intraday today.  I'd expect the 77-80 area to provide nice support in the days ahead.  Look for a potential reversal in this area.  Check out the chart:

Happy trading!

Tom

Announcement from the Author

{{ announcement.content }}

Tom Bowley
About the author: co-founded Invested Central in 2004 and served as the site's Chief Market Strategist for more than 10 years. Invested Central provides stock market education and guidance for those interested in making their own financial decisions. During his tenure at Invested Central, Tom co-hosted Market Open LIVE, a national radio broadcast that covered many of the largest markets across the U.S. In addition, he has spoken at various conferences throughout the United States and Canada and has taught thousands of traders across the globe how to trade equities more wisely with an emphasis on managing risk and intermarket relationships. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus