For today's chart we've chosen to take a look at
Priceline.com Inc. (Nasdaq:
PCLN) because it is trading within a well-formed rising
wedge formation. As you can see from the chart below, the price has been trading within a narrowing range since the start of the year and many traders are starting to wonder if the bearish pattern is a sign of an upcoming reversal. Technical traders will wait for the price to break below the lower trendline and use it to signal a shift in the prolonged uptrend. On the other hand, traders with a long position may want to consider placing a
stop-loss order below $120 so that they can protect themselves from a wave of selling pressure.
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