The RNO Long Trade Setup posted last week has triggered an entry on a break above the descending channel.  I also wanted to point out that going forward, many of the static charts will list both the suggested target level as well as the actually resistance (for longs) or support (for shorts) level.  TC2000 just added a new feature to the latest beta version update which will automatically add the exact price level of a horizontal line.  As many of the price targets that I use are based off horizontal support or resistance levels, I find this to be a very useful feature.  As I have often stated, my suggested target levels (T1, T2, etc…) for long trades are typically set slightly below the actually resistance level in order to help assure a fill as a stock will occasionally reverse just shy of resistance, especially well watched levels.

(note: Although the previous post correctly referred to the pattern as a descending channel, the previous 60 minute chart posted below incorrectly listed the channel as a wedge pattern. However, the net effect of the breakout is essentially the same… i.e.- a breakout & likely trend reversal)