Friday, June 15, 2007
Stock Chart: Hansen Natural (HANS) has Broken Out! (June 15, 2007)
Hansen Natural ( HANS ) has just broken out of an ascending triangle on Good Volume. This is bullish!
Previously, HANS had formed an ascending right triangle with the hypotenuse increasing in slope from left to right. Ascending Triangles have a bullish bias. The stock has no strength to break past resistance. However, as the stock tries to go lower, there are buyers who start supporting the stock at higher levels, creating higher lows. Soon, all this buying pressure gets stored in the tip of the triangle, and the only thing a stock can do is Breakout upwards with Good Volume.
This is what is happening to HANS right now, and HANS has a bullish bias.