Northstar Asset Management Group Inc. provides asset management and
other services in the United States and internationally. It also offers
securitization transaction services. The company is based in New York,
New York. Northstar Asset Management Group Inc. operates independently
of NorthStar Realty Finance Corp. as of June 30, 2014.
Take a look at the 1-year chart of Gulfport (NYSE: NSAM) below with added notations:
After rallying from October into March, NSAM consistently declined
over next five of months. Since bottoming in August, the stock has been
consolidating within a sideways range. While in that sideways move, the
stock has formed a common pattern known as a rectangle. A minimum of (2)
successful tests of the support and (2) successful tests of the
resistance will give you the pattern.
NSAM’s rectangle pattern has formed a resistance at $17.50 (red),
which has also been a prior support, and a $16 support (green). At some
point the stock will have to break one of the two levels.
The Tale of the Tape: NSAM is trading within a
rectangle pattern. The possible long positions on the stock would be
either on a pullback to $16 or on a breakout above $17.50. The ideal
short opportunity would be on a break below $16.
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