After a short pullback, the stock consolidated and then gapped up strongly. It opened higher but sold off intraday, and today it opened higher again and broke above the previous resistance level. Despite significant intraday volatility, there is currently no clear overhead resistance, so I am buying.
Positives
- Price is above the 10, 20, 50, and 200 moving averages
- The stock broke through a key resistance level.
- MACD is positive and increase strength
Negatives
- Stock price has broken above resistance, but trading volume has not increased.
Trade Plan
- Stop loss: Intraday low
- Target: $70.45
