Imperva Inc (IMPV) made a steady move higher from April through July before consolidating in a very bullish ascending triangle continuation pattern over the past four months. On Tuesday, volume accelerated and triangle resistance near 74.00 was cleared as IMPV extends its prior uptrend. The measurement of this pattern is from the bottom of the triangle in late August (53.00) to the top of the triangle (74.00), or 21 points. Once we see the breakout on heavy volume, the target becomes the breakout level (74.00) plus the measurement (21 points), or 95.00. Best entry on a breakout of this nature is during a retest of prior price resistance (now price support) near 74.00 with a potential second entry at the rising 20 day EMA, currently 71.59. Recent November lows would serve as key price support to watch in the near-term. Here's the chart:
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