Trident - Potential BreakoutTrident made a high of 16.95 in the week ended 4th Jan 2021. Since then, the stock has consolidated for many months between 13.50-16.
This consolidation/down move is represented by the red trendline on the chart labelled "short term resistance tl"
Friday's close brings the stock on the cusp of a break out above the above mentioned trendline.
Once the stock clears the all important 16 level on a weekly basis we can expect a move towards the darker red trendline on the chart (labelled Long Term Resistance TL). Looking at the chart we can assume an approximate target of 22 or higher going forward.
One can go long in Trident with a WCB stop loss of 13.80
