Meanwhile, there are some worthwhile upside trades setting up right now as well. The first comes from internet authentication servicer Verisign (VRSN), which is showing traders an ascending triangle setup right now. Shares will need to break above $37.50 resistance before this stock becomes buyable.
An ascending triangle setup is a formation that's characterized by a horizontal upside resistance level, and uptrending support below. As shares get squeezed toward that glut of supply at the stock's resistance level, the chances for a breakout above the price barrier become significantly greater. The trade signal occurs on that move above the resistance level -- not before.
With a secondary support level at the 50-day moving average, risk is seriously mitigated in shares of Verisign. April 28 earnings could be a strong catalyst for the move higher, although price action near the apex of the triangle could spur a breakout earlier than that.One big bet on Verisign comes from Renaissance Technologies, which owns 3.3 million shares of the stock as of the most recently reported period.
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