As the year draws to a close I am happy to be able to find some new setups for you to take a look at. This one here looks like it will have to wait until the new year to set up but it's well worth keeping on the watchlist for 2012.

As followers of my posts would know I am always on the lookout for triangle setups and this is a good example of one. The thing that really caught my eye on this one is how far back the resistance level has been impacting on the price. With that in mind a breakout would potentially see price starting to move in a whole new trend.

Before we get ahead of ourselves though we need to consider the validity of the pattern if the resistance holds. In that case we would still need to see a decent break of the triangle to the down side but it still would be a fairly potent signal given the amount of times the level has been respected.

On either the long or the short side you will be looking at an initial price target of about $0.265 from the point of the breakout which is a very decent return should it be achieved. I will look at stop loss levels nearer to the breakout point but normal placement options apply. Having said that if some decent support/resistance levels appear within the pattern this may give us something to work with here.

I will keep you updated to see how the chart unfolds from here.