The Blackstone Group

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For today's chart we've chosen to take a look at The Blackstone Group (NYSE:BX) because it broke above the resistance of a short-term ascending triangle pattern. This bullish chart pattern is formed when a series of increasing troughs are unable to break through a price barrier. This pattern is a favorite amongst technical traders because a break above the resistance ($19.50) is often used as a buy signal and it is commonly followed by a sharp move higher. Technical traders will likely set their target prices near the resistance of the 200-day moving average, which is currently near $21.50 (shown by the blue dotted line).



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