A similar setup is forming in shares of China Mobile (CHL), the world's largest cellular phone carrier. Like Wal-Mart, CHL has been handily beating the broad market in the last 12 months, rallying 17% over that period. Also like Wal-Mart, an ascending triangle pattern points to additional upside in shares in the near-term.
In China Mobile's case, resistance isn't quite as clear cut as it is for WMT. Instead of a single resistance level, CHL currently has resistance in a range between $55 and change and $56. The presence of that range complicates things a bit -- it makes a clear-cut breakout signal a lot harder for traders to process, especially now, with shares testing the lower bound of that range.