Imposing breakout of the horizontal resistance line

Jan 5, 2018

In my past ideas I shared chart patterns like double bottoms, triangles and trend line breakouts but this is very different. Generally I do not like to use sophisticated terminology in an a attempt to sound intelligent. And in this case of study the only thing iI need to say is that the price finally is surpassing the 12.00 level after more than four years of oscillating in a channel, the other aspect here is that the price is trending and is easy to appreciate that is making higher highs and higher lows because in some occasions when I watch the behavior of channels like this sometimes the price breakout the resistance or support line but it's mere volatility. For not fall in a fake breakout or bullish trap I need to appreciate a trending behavior and use the moving averages and identified that the moving averages are becoming spacing and have some inclination. If I watch back in the time the period between 2015 and 2017 the moving averages looks flat and braided. And of course I always need a weekly candle closing above resistance line and then wait for your respective pullback or consolidation above the 12.00 price level so that it is done to the idea that the bulls are in control.
Others aspects i like of this company is that the technology industry in the past years have been in bull trend save this company and the majority of people only speak about apple, google, amazon, Facebook, and other fancy names. And the analysts only write bad things about this company.
I forgot to say one thing the resistance line was broken with a gap and this is a breakaway gap in a relevant price level accompanied with a bullish sentiment in technology industry
Look the gap in the daily chart
https://www.tradingview.com/chart/VEIBUXco/
Patience, and weekly charts :(