Its technical backdrop looks promising to climb higher toward $90.
After a brutal nine months, it recently has been showing much better signs of life again in recent weeks and looks to be pointing to higher levels still.
Up nearly 50% since early January the path of least resistance seems to point higher.
Up roughly 30% year-to-date, the path of least resistance here points lower for the near- term. Traders can eye it as a shorting opportunity.
Although it’s up year-to-date, the path of least resistance in the near-term is to the downside.
It’s showing all the right technical signs.
Buyers have finally exhausted themselves.
Up about 25% year-to-date, it remains notably overbought and has flashed a second “bearish reversal” signal.
It’s traded in a well-defined range since February and recently arrived at the lower end of its range where a buy trade is setting up.
This isn’t an outright long-term bullish call on the stock, but rather a pure “trade” idea for the near term of a few weeks to months.