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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Big Financial Stocks You Should Buy in June

Stocks in this article: AXP COF TD JPM PRA

ProAssurance

Last up is insurer ProAssurance Corporation (PRA), a stock that's showing traders a textbook example of an ascending triangle pattern right now.

Put simply, an ascending triangle pattern is a setup that's identified by a horizontal resistance level to the upside and uptrending support below. As shares bounce in between those two technically significant price levels, they're getting squeezed closer and closer to a breakout above resistance (in this case at $90). When the breakout happens, we have a signal that the glut of supply that's cause $90 to act as a barrier has been completely absorbed by buyers. That's when we want to buy too.

I like the fact that PRA has hit its head so perfectly on $90 resistance the last seven times it's attempted to move through that level. A strong resistance level like that means that shares will have a much more snappy move once the oversupply of shares above $90 gets taken out.

To see this week's trades in action, check out the High Volume Technicals portfolio on Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.

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At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji is the editor and portfolio manager of the Rhino Stock Report, a free investment advisory that returned 15% in 2008. He is a contributor to numerous financial outlets, including Forbes and Investopedia, and has been featured in Investor's Business Daily, in Consumer's Digest and on MSNBC.com.
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