An ascending triangle pattern has formed on the chart of Air Products & Chemicals (APD).
APD is one of the leading industrial gas suppliers globally, with operations in 50 countries and 19,000 employees. The company is also the largest supplier of hydrogen and helium in the world. Growth in the company for the remainder of the year will be driven by investments in high-return projects, acquisitions, cost-cutting actions, and new business deals.
Take a look at the 1-year chart of APD below with added notations:
Chart of APD provided by TradingView
Over the past two months, APD has hit the $300 resistance (red) on two separate occasions, while also climbing a trend line of support (green). Together, these two lines have formed an ascending triangle on APD. Eventually, the stock will break either the $300 resistance or the trendline support.
A trader could buy APD if it exceeds $300 with the expectation of a breakout or short sell the stock if it falls below the trendline, with the expectation of a breakdown.
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APD shares were trading at $293.33 per share on Tuesday morning, up $1.07 (+0.37%). Year-to-date, APD has gained 26.35%, versus a 10.02% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp, CMT
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...
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