EXM's Ascending Triangle

EXM, a dry bulk shipping company, is forming an ascending triangle on the weekly chart. This is associated with a decline in volume (dark blue line), but with a rise in the On Balance Volume. The OBV was introduced by Joe Granville in 1963. The concept behind the indicator is that volume precedes price. OBV is a simple indicator that adds a period's volume when the close is up and subtracts the period's volume when the close is down. A cumulative total of the volume additions and subtractions forms the OBV line. The ascending triangle is a bullish pattern. The price target is 17.13. Targets are only meant to be used as guidelines, and other aspects of technical analysis should also be employed for deciding when to sell. Of note, the 2nd light blue arrow flashed a buy signal for EXM in March 2009. EXM formed a double bottom, in association with a decline in volume spikes (dashed light blue line). The spikes suggested market capitulation.