New Oriental Education and Technology (EDU) has been a high-flying stock before. StockCharts.com moved it into the Mid Cap Group for an SCTR ranking and that has currently surged to 99.3. That is a really strong ranking and we can see it made new 52 week highs in mid-October. After building a 6-year consolidation between $18 and $30, the stock looks primed to breakout to the topside if it can get through this last bit of resistance. The breakout in January 2014 quickly stalled and rolled over.
It trades an average of 5 Million shares/week. Watch to see if it gets some volume acceleration to help with the breakout. This could be a big move as it has very little resistance from here. The next few weeks should tell the story if it can hold a fresh new breakout.
Good trading and Happy Thanksgiving,
Greg Schnell, CMT