We recently noted that RDC was gearing up or a bullish breakout from its multi-year consolidation. This breakout materialized as anticipated. Rowan Companies Threatens to Break Above Triangle ResistanceRDC Daily Chart(click to enlarge)Breakout:- As we can see on the daily chart, price broke above a falling resistance, and the RSI pushed above 70.- This shows that there is bullish momentum on the breakout. - However, we can see that price is now testing the 2018-high around $17.35. Price broke above briefly, but has retreated. - Now, if there is a pullback, we should anticipate support above the $15 mark if we believe the bullish breakout is going to translate into a bullish outlook.- We should anticipate anticipate the RSI holding above 40 in the bullish outlook.- The bullish outlook has upside towards the $21-$22 area, which represent a common high and resistance from 2016, and late 2015. - A break below $14 on the other hand, suggests that the market is still neutral, with some bearish bias.