cwarner
Long

ULTR breaking out of downward channel

NASDAQ:ULTR   ULTRAPETROL BAHAMAS LTD
17 0 3
The ULTR chart makes me bullish in the near term for three reasons. First, the stock has been making higher lows since the beginning of the year. Second, it has broken out of the downward channel that has been in place for the last year and a half. Lastly, it is also developing a bullish ascending triangle pattern. I am looking for the stock to eventually break .45ish on strong volume . Because, on a macro level, the stock is still in a downward channel, I am looking to take profits near the top of the macro downward channel, around $2.
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