Bullish Candlestick Pattern at Reynolds American daily Stock Graph (RAI)

Reynolds American Inc. (NYSE:RAI) stock was the second most active stock in the tobacco industry during Wednesday’s trading session and the third with the most gain (1.78%). The bullish candlestick pattern that was completed above the 200-day moving average, confirmed once again the ascending triangle found at the weekly stock graph. The increased volume in May’s last candlesticks is also noteworthy. RAI stock has experienced just 3 months of decline (May – July 2011) during the 3-year uptrend, during of which the stock’s price climbed to $42 from ’09 low at $16! With a lot of resistance met at $42 level, Reynolds American shareholders wish for a breakout. Maybe I’ll wish that as well if I trade long RAI on today’s open.

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