From Las Vegas Sands to Live Nation Entertainment and many other stocks, bullish triangles keep popping up in "reopening" plays.
Notice how LVS clawed to a new 52-week high above $66 in early March, stalled and then pulled back to previous highs around $60. Also notice how it briefly tested under that level, along with its 50-day simple moving average (SMA), before quickly rebounding.
That price action now resembles an ascending triangle, with a series of higher lows and resistance around $61.25. This has the potential for upside continuation.
Similar activity appears LYV. The concert operator has also formed a set of higher lows while holding its 50-day SMA:
An ascending triangle also appeared in auto-parts supplier BorgWarner. It’s not exactly a reopening stock but it is the kind of cyclical value name that investors seem to like these days. Overall these aren’t very glamorous stocks, but they are all showing similarly bullish patterns one quarter into the new year. Will they be the leaders in Q2?
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