Notice how at 1.70 the price moved up to the diagonal resistance line, bounced off it and came below its 20 day moving average before going above it again and repeating the same process. It has done this twice now, and has tested resistance 3 times.
Here we will see if it breaks the line, as the third time is generally considered the charm, or if it goes back down below its 20DMA to again test the diagonal support line before moving up. It does seem to be in a trend, making higher highs as well as higher lows in this trend which has lasted a bit under a month.
The TSI does indicate that it is running out of steam, and its exit of the BB and subsequent lower close does ssuggest it will retest the support level again before breaking out of its trend. Either way, I cannot tell and will have to wait for confirmation. If it breaks the resistance line by an amount equivalent to 3% or more of the stocks price, and opens higher on the following trading day after that break, I will see it as a strong up movement and would go long. If it goes back down and resumes this intermediate trend I would assume it to be doing just that and play it as such.
One last item to consider is that the stock is testing is year-to-date high as well. As can be seen, it failed in its first attempt to go higher, closing lower the following day, albeit with a very small candle body (and no higher than opening price). Either way, whether it goes through a small down movement or goes to new highs right away, I see a long opportunity here (the stock has been in an uptrend for the last couple of years so, either way...not a hard call).
Anyhow, here is that chart.
EDIT:
Was helped by a bit of news, but today it has seen a good break through. Very good Long opportunity in my opinion (please read disclaimer at bottom of blog)
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