General Growth Properties
There's nothing short-term about the pattern that's been setting up in shares of General Growth Properties (GGP - Get Report). The $19 billion mall owner has been forming a bullish ascending triangle pattern for the last seven months, but it's only just getting close to making a significant move in March.
GGP's ascending triangle is formed by a horizontal resistance range above shares (from $20.50 to $21) and uptrending support below shares. Essentially, as GGP bounces between those two big technical levels, it's getting squeezed closer and closer to a breakout above resistance. When that breakout happens, we've got a buy signal for shares.The fact that GGP's resistance zone is a range rather than a single price does complicate things a bit; shares have previously moved up to $21 a couple of times without actually triggering the pattern. The best way to trade this stock is by your risk level. Traders looking for a higher risk/reward setup should look to buy on a move through $20.50, while more risk-averse investors should hold out for a close above $21 to buy. Either way to trade this stock, I'd recommend keeping a protective stop at the 200-day moving average.