IPG Photonics (IPGP) - Charting Upcoming Triangle Support

IPGP resides in the semiconductor industry and is pulling back with this industry group as June has proven to be a very rough month for this space.  I'm expecting that to soon change and IPGP could be a direct beneficiary.  But first, there's some technical business that might have to be taken care of.  After a very strong uptrend that ended in mid-2011, IPGP consolidated in a bullish long-term ascending triangle.  That pattern finally resolved to the upside in early 2015 and the recent selling could be nothing more than a retest of a key breakout level.  The selling has been on heavier volume the past couple trading sessions and that could create more stops being triggered and further weakness in the near-term as April price support is being violated intraday today.  I'd expect the 77-80 area to provide nice support in the days ahead.  Look for a potential reversal in this area.  Check out the chart:

Happy trading!

Tom