Don't Ignore This Chart

Mobileye (MBLY) Sees Breakout on Heavy Volume

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Mobileye (MBLY) is one of the companies behind the car crash avoidance technology.  MBLY broke its downtrend line in early March on surging volume and has been trending higher ever since.  Volume trends remain very strong and today's breakout is occurring on excellent volume as it clears double top resistance from April and May.  Note also that the daily MACD recently "reset" back at centerline support and momentum is now strengthening once again.  During any period of selling, I'd look for the breakout level of 48.48 and the rising 20 day EMA, currently just above 47.00, to provide support.  Check it out:

Happy trading!

Tom

Tom Bowley
About the author: co-founded Invested Central and served as the site's Chief Market Strategist for more than 10 years. His unique trading style combines both his fundamental and technical strategies to systematically manage risk while trading. A regular contributor to StockCharts.com's bi-weekly ChartWatchers newsletter since 2006, Tom's role at StockCharts has expanded significantly since he joined the company as a full-time Senior Technical Analyst in March of 2015. Learn More
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