ALGN Stock With 2 (Unfinished) Ascending Triangles
This is a Post from the Symbol Surfing Blog from Thu, Aug 30, 2018.
Before I get started, you probably saw Warren Buffett on CNBC today with Becky Quick.
He said something I need to add to my list of Warren Buffett's quotes.
"I don't know when to buy stocks, but I know whether to buy stocks."
- Warren Buffett
If you have time, I recommend watching this.
This morning I was scanning the medical device stocks on Symbol Surfing.
There are many double-digit 12 month gainers in the list and 2 triple-digit gainers.
I started looking closer at Align Technology with a 120% 1 year return.
They are the makers of Invisalign.
I have not seen a 1 year chart like this before.
What I see are 2 "unfinished" ascending triangles.
The ascending triangle is a very powerful bullish indicator.
From my limited experience, the stock price usually will continue to dwindle into a smaller and smaller trading range into the right corner of the triangle then there will be a big move up.
Of course, this is not guaranteed.
With ALGN, the stock price doesn't wait for that.
Maybe they don't care about technical analysis.
The chart pattern formed about 3/4's of the way and then the price took off.
It moved up by $100 or 40%.
I am seeing the same pattern now.
If history repeats itself, this stock could move to $450 or higher.
The stock price reached a new record high today as well.
I bought this stock today.
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Thu, Aug 30, 2018 ALGN @ $387.05
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