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: is the Chief Market Strategist at EarningsBeats.com, where he provides stock market education, guidance, and trading strategies using a unique combination of technical, fundamental, and historical analysis. Tom provides EarningsBeats.com members with four portfolios (Model, Aggressive, Income, and Value), all designed to beat the benchmark S&P 500, and a revolving Watch List of hundreds of companies reporting strong quarterly earnings (must beat both revenue and EPS estimates) and exhibiting technical strength as well. These companies comprise EarningsBeats' annotated Strong Earnings ChartList (SECL), from which Tom trades exclusively. Tom writes a Daily Market Report (DMR) for members to include an executive summary, market outlook, sector/industry watch, and trading ideas. Learn More
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