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

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Tom Bowley
About the author: co-founded Invested Central in 2004 and served as the site's Chief Market Strategist for more than 10 years. Invested Central provides stock market education and guidance for those interested in making their own financial decisions. During his tenure at Invested Central, Tom co-hosted Market Open LIVE, a national radio broadcast that covered many of the largest markets across the U.S. Learn More
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