$OSK stock in Rectangle Channel Pattern- It consist of two trendline parallel to each other having points forming equal highs and equal lows, thus forming a rectangular or box shape. The price is confined between the two trendlines. It consist of the following- Lower Trendline is also known as a support Level and Upper Trendline is called A resistance level.
This pattern is formed when there is a tough competition between the bulls and the bears, no body is ready to give up resulting in equal highs and equal lows. That is why this pattern is also known as consolidation zones.
Breakout can occur in any direction upside or downside. If the breakout is in upside direction, it indicates that the bulls have taken over bears and indicates a buy signal. However if the breakout is in downside direction it indicates selling pressure or victory of bears over bulls and indicates a sell signal.
In this case, the stock is clearly trying to break to the upside. Price targets are usually defined by calculating the difference between upper and lower trendlines and adding that difference to the the breakout price. Here in this chart the price difference is $10, if we add this to the breakout price of $74.13 the price target comes out to be $84.13. It is wise to mark a profit taking zone around target price so that you can take some profits and adjust your stops.