Yesterday, while researching charts, I stumbled upon Blue Apron Holdings (APRN), in which I discovered that an ascending triangle has formed.
Blue Apron (APRN) is a US-based company that delivers prepared meals made with fresh, seasonal ingredients, directly to customers.
In its most recent earnings report, the company, which has been struggling with customer losses, saw revenue plummet 28% from the same period last year.
Take a look at the 1-year chart of Blue Apron below with added notations…
Over the past two months, APRN has hit the $15 resistance (red) on multiple occasions, while also a clear trendline of support has formed (blue). Together, these two lines have formed an ascending triangle on APRN. Eventually, the stock will have to break either the $15 resistance level or the trendline support.
Therefore, a trader could buy if/when the stock breaks $15 for a breakout to the upside. Or short APRN if/when it breaks the trendline support.
Keep your eye out for APRN’s earnings report, which will be released on July 29th.
Have a good trading day!
Christian Tharp, CMT
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ARPN shares were trading at $326.11 per share on Thursday morning, down $0.75 (-0.23%). Year-to-date, ARPN has gained 2.36%, versus a % 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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