Vodafone Group Plc (NASDAQ:VOD) has been trying to break out above the key resistance level at 29.25 a couple of times since last month, but each attempt has been unsuccessful. This situation has created a sideways (bullish) consolidation pattern whose upper horizontal trend line could be ready to be broken.
If a breakout occurs on volume, we could see momentum that could move the stock to around the 30-30.3 area. Daily technical indicators are looking bullish again, showing some upward momentum.
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.