COLTENE close to major resistance at 115 / 120 - BREAKOUT pending
Coltene is a spinoff from Gurit Heberlein as it went public at the Swiss Stock Exchange on 23.6.2006. The daily chart is shown from 2006.
From 2006 to 2012 the stock traced out a bear market from 95 to 25.
In 2012 it managed to turn around as it entered a new major uptrend.
It took 6 years for the stock to again reach the high from 2007 at 95.
It broke out to a new high in 2017.
It managed to consolidate this breakout from mid 2017 to mid 2018.
In July 2018 it reached another new high.
The rise from 2015 has unfolded in a WEDGE (two converging uptrend lines).
The WEDGE will signal either a TOP around 120 or it will signal an ACCELERATION of the uptrend with a break of 120.
Given the length of the decline 2006/2012 and the uptrend 2012/2017 (spanning 11 years) and with the consolidation of the breakout, I expect the stock to break above 120 and rise to 135/140 with a possible long-term target around 210/220.