Earnings can be a catalyst for changes in trend, the formation of a new trend or breaking out of existing resistance or support levels. That certainly was the case for Sotheby’s (BID) today as it broke out of a short-term resistance level. The consolidation pattern heading into today’s earnings announcement was a very nice pattern with clear areas of support and resistance that formed over the last month. This certainly provided insight to knowledgeable traders that today’s known event (earnings) could provide the catalyst needed to breakout of either the support or resistance side of this consolidation pattern.
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One Reply to “Sotheby’s (BID) Breakout on Earnings – Beautiful Consolidation Pattern Shattered”
Not sure of the coach to thank .. but thank you .. enjoyed your analysis
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