Market Blog Technical Analysis

Bullish Consolidation Pattern for This Telecom Stock

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.