LB bull flag confirmed

LB has been trending up for several years but found resistance at the $50 half figure. At this price the trend stagnated a little - on the weekly chart we can see that the 50ma stopped acting as a solid support and was breached on several occasions for several weeks at a time. The trend continued but became less predictable to trade.

In mid-August 2014 another upward trend began but until it broke the December 2013 pivot high it was of no interest to longer-term trend traders. Then, after a couple of fake breakouts in September/October, November saw price trade above $70 which was an early opportunity to buy this stock.

More recently, however, a bullish flag began to form. This flag was confirmed on yesterdays breakout bar. If price continues its momentum to the upside another chance to buy LB could soon present itself.