breakaway gap

Price Gap

In technical analysis, a break on a chart representing a sudden and large price movement accompanied by high trading volume. Generally speaking, charts do not show price gaps because price movements, even when large, occur smoothly enough to not require a break in the chart. Price gaps may occur, for example, when the price of a security suddenly doubles or halves. As with many charting terms, it may be bullish or bearish; a sudden movement upward is a bullish price gap, while a sudden movement downward is bearish. It is also called a breakaway gap.

breakaway gap

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breakaway gap
In technical analysis, a gap in a chart pattern of price movement indicating a stock price has broken out of a trend on high volume. A breakaway gap is bullish if the price movement is upward and bearish if the price movement is downward. Compare runaway gap. See also exhaustion gap.
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The breakaway gap and continued run-up broke the stock through several layers of lateral resistance, with the next target at the $61 level last reached in early 2018.
A breakout above the neckline of a head and shoulders bottom, for example, often occurs on a breakaway gap.
Those who study the charts would say there is now a breakaway gap from the recent trend but there does look to be some resistance at 1216p initially.