In short, it looks like the stock overshot to the downside on it’s current pullback. With a multiyear up-trend still intact, in my eye, it now stands a good chance of resolving to the upside.
With an upcoming earnings release, I’m eyeing a trade here around the $49 area for a bounce trade up toward $51.
It’s showing some very sound technical behavior on the charts and could soon move higher.
It’s a breakout candidate.
Yesterday, shares rallied 4.4% and in so doing accomplished an important technical feat that now sets up a trade with a well-defined reward to risk for traders and active investors alike.
Yesterday, shares bounced off a well-defined technical support area setting up a bullish play for traders and active investors.
The first quarter of 2018 looks to have been healthy to allow for a next leg higher.
This now sets up bullish trades for the stock. From here, active investors and traders could look to buy it for a next upside target around $185, followed by $188.
It continues to show relative resiliency and in my eye is not far away from another leg higher.
The onus is on the bulls.