After many months of a remaining in a broad trading range, the stock is looking for a breakout and this is likely to see the stock testing its previous highs. The prices have broken out from a falling trend line
resistance. Presently it is seeing a throwback. The On-Balance Volume
– OBV has already market a fresh high which is bullish
. It gives confirmation on the volume
front and lends credibility to the breakout. While Weekly MACD
stays positive while trading above its signal line, Weekly RSI
has marked a fresh 14-period high which is bullish
. It is also seen breaking out of a formation. Though some minor consolidation cannot be ruled out, the stock is set to see its previous highs. Any move below 2625 will be negative for the stock.