In Retrospect: JFC

JFC

The stock was able to breach the 2 moving averages acting as resistance. This stock is now near the resistance line at 54.50. Watch out for that level as that may be the price level where range traders starts to unload their positions. At this point, it is still too early for a breakout, but if it does, it is breaking out from the triangle with a target of 73. The breakout volume should have at least 2.5M shares traded for a valid breakout. Otherwise, if price continues to move up without sufficient volume, this means we need to re-draw our triangle. Next possible resistance after breakout from the resistance line is at 57. Judging from the RSI, a move towards the price of 57 may be possible as RSI is still halfway from being overbought.