The stock has been consolidating sideways in a fairly narrow range within a rectangle pattern. The consolidation has been coiling in the 118 to 120 area this month. A move above 119.93 would indicate a break out of the small flag, with the potential to reach 121.06 and then 123.08.
On the downside, the stock should receive support from its rising EMA9 (at 118.36), and stronger support in the 118 area (its previous strong resistance now turned support. Daily technical indicators are bullish, but correcting overbought conditions.
This is a guest post by António Costa, acclaimed trader and the popular author of AC Investor Blog. All views and analysis belong to the author.