Pentair (PNR) is another name that's seen some impressive price appreciation in the last six months. Shares of this water pump manufacturer have climbed 18% and change in the last half-year. Now the technical setup in shares of this stock points to even more upside in the second quarter of 2013.
That's because Pentair is currently forming an ascending triangle pattern, a bullish breakout trade that's formed by a horizontal resistance level above shares (in this case at $54) and uptrending support to the downside. Essentially, as PTR bounces in between those two technically-important price levels, it's getting squeezed closer and closer to a breakout above $54.
When that move through resistance happens, traders have a buy signal in this stock. Don't try to get in early on this setup. Until the breakout happens, there isn't a high probability trade here.
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