Dutch chemical company LyondellBasell Industries ( LYB) is another name that's forming an ascending triangle pattern right now -- albeit in the shorter-term. LYB has been stuck below horizontal resistance at $46 since the start of February, with uptrending support making up the other requisite part of this pattern. The buy signal comes on that push above the $46 level. In LYB's case, we're looking at a pretty textbook example of an ascending triangle. Besides the pattern itself, declining volume adds some confirmation for this trade -- we want to see volume decline as the pattern progresses, followed by a volume spike when the stock breaks above $46. That spike tells us that traders are participating in the move. Another important piece of evidence in the LYB setup is momentum, measured by this stock's 14-day RSI. RSI has been in an uptrend throughout the pattern, which suggests that buying is intensifying as LYB approaches resistance. That's an especially strong sign given that momentum is a leading indicator of price. On the breakout above $46, I'd recommend placing a protective stop just below the 50-day moving average. LyondellBasell shows up on lists of 11 Oil and Gas Stocks That Define the "New Middle East" and 5 Once-Bankrupt Companies Primed for a Comeback.