It could soon be a pain trade for the bulls but one to press for the bears.
The path of least resistance is pointing higher.
It’s been in consolidation mode for over a month and looks good for a break higher for bullish trades.
Up 29% so far in 2019, it’s gaining renewed upside momentum and looks to have higher to go.
While I fundamentally like it through the longer term, in the near term it’s awfully overbought.
In 2019 it’s pushed to fresh all-time highs. However, it hit record overbought levels and now looks to be exhausted.
In the near term the stock has well-defined next upside target.
It has limited downside and plenty of upside potential.
It’s rallied sharply off late-December 2018 lows. However, unlike the broader market it’s breaking to fresh all time highs and looks to continue its upside trajectory.
It’s lagged the broader market rally of late and could now get a move on.