In January of 2014 this stock broke above the 2008 high of $26. The reaction off that long-term high has been bullish. Since an upthrust into longer term resistance induces selling one would have expected a significant reversal. That has not been the case. Since January the price has held the highs in in a trading range between $23 and $27; the expected selling was absorbed by buyers. A week or so ago it broke out above $27 and as of the last two trading sessions is making its way back down to retest the breakout and doing it on lighter volume.
This came up on one of my screens and is now on my watch list. This is looking like it could be a buy in a day or two.
I haven't bot any yet. It's been in a tight trading range (TR) the last few weeks. Of course the question is the same as it is for all TR's, is it being accumulated or distribute? Since there aren't any signs of distribution, I think I have to go with the trend, the demand in the background, and assume it is being re-accumulated for the next leg higher.
On the daily chart, I have the short-term TR defined by the low of Aug 7th at 27.07 and by the high of Aug 14th at 28.22. It had a sign of strength on Aug 26th and broke above the 28.22 high. But then it failed to rally on lack of demand and settled back just inside the range. But there doesn't seem to be enough supply either (willing sellers) to take it down.
The daily chart is still bullish as is the weekly and monthly. A sudden sign of weakness would change that but if it just drifts lower, it would have to get under $22.52 (the low of the week of Jan 27th) to be considered bearish imo.