Aspen Pharmcare Holdings Ltd
Aspen has broken out of the trading range between levels 29000 and 30100. Since the initial breakout, the price has returned to find support on previous resistance of the range at 30100.
This marks the first pullback since the price has indicated a renewed upward directional intent, providing a possible entry opportunity for breakout traders who missed the initial move. The recent high at 30850 provides the near-term target favoured, a break of which further favours a move towards 31200.
The 31200 target is derived by projecting the height of the pattern from the breakout level. Should the price close below the midpoint of the range at 29550 it would suggest failure of the bullish considerations.