Chad Shoop, CMT, was featured on Investopedia on Thursday calling a potential "double-digit rally" for international packaging and container company Berry Global after identifying an ascending triangle pattern in its chart, as illustrated above.
"Ascending triangle patterns tend to be bullish breakouts, sending shares sharply higher once the red resistance level is broken. The company reports earnings tomorrow, but the stock is down to $48.40 per share today. As long as it holds above the green support level, the ascending triangle pattern remains intact, and a bullish breakout remains likely," Shoop wrote.
"In sum, a seemingly boring packaging and container company, Berry Global, is expected to see rapid double-digit moves in the coming weeks. A breakout to the upside signals the potential for a nearly 30% rally, while a breakout lower would signal that there's a quick 20% decline coming."
Read the full article here: Berry's Stock Set to Rally Double Digits