JNK has been forming a triangle (navy blue on chart) since spring of 2012. The triangle formed across VWAP of a megaphone (red on chart) that’s been forming since late 2009.
The navy blue triangle is now legal for a breakout in either direction.
However, a breakout upwards from here would likely be a fake breakout, because the last touch on the triangle bottom was exact. If the breakout traveled any distance at all it would likely be into the head of a head and shoulders with a neckline at roughly 38.21.
A genuine breakout in either direction would target the side of the red megaphone across whose VWAP the navy blue triangle has formed.