Stock Technical Analysis: IBKR Breaks Out of Bull Flag, Approaches Resistance

Written by Taurus on September 17, 2009

Here is a stock technical analysis of IBKR (Interactive Brokers Group) in response to a request! :)

IBKR operates as an automated global electronic market maker and broker. After forming a double bottom in March 2009, stock prices have been trending upwards within a channel, leading to the formation of a bull flag in Aug 2009.  The breakout from the bull flag occurred 4 days ago, and was accompanied by increased volume as well, confirming the bullish signal.

IBKR 170909 small

Stock Technical Analysis of IBKR (Sep 17, 2009)

But although bullish signals are present, I am cautious about buying this stock now as a few resistance levels are approaching:

  • $20.27 which was a strong support back in March 2008
  • $20.50 which was the previous high, as well as the top of the channel

A buy indication will only be triggered if prices manage to break above $20.50 accompanied by increased volume. If prices fail to break these resistance levels, it may find support down at $17.60.

I just realized that I may have used a number of technical terms. Do feedback if it is difficult to comprehend. :)

Good luck trading!


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