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
About the author:
Tom Bowley is the Chief Market Strategist of EarningsBeats.com, a company providing a research and educational platform for both investment professionals and individual investors. Tom writes a comprehensive Daily Market Report (DMR), providing guidance to EB.com members every day that the stock market is open. Tom has contributed technical expertise here at StockCharts.com since 2006 and has a fundamental background in public accounting as well, blending a unique skill set to approach the U.S. stock market.
Learn More
