Chart courtesy of www.stockcharts.com ( click to enlarge )
Looking at the daily chart, the stock had a good run in last 2 weeks, from the low of 19.37, the stock sky rocketed to 32.11, a 65% increase in price. The stock price also broke above the 20 day moving average accompanied by large volume, a sign that the sky rocketing action has credibility and is not just some result of speculations. I’m not sure if it will reverse here, but it seems like it will at least backoff and retrace to near 27. Let’s keep an eye on it.
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.
