There are 2 stocks that has emerged from a healthy consolidation and now taking off with a strong support behind them.
Mindray Medical International Limited (MR) experienced a break out from a healthy consolidation that occurred late 2009. Its initial breakout was quickly
met by some resistance and drove the stock price back to the top of the consolidation range at $34. We see there was another attempt to move higher but that attempt was also blocked by resistance and brought stock price back to its same support range. Now, MR is trying to rally again for the third time and I think it will be successful this time around. It should move beyond its recent high this time before declining to its higher support at around $39.
met by some resistance and drove the stock price back to the top of the consolidation range at $34. We see there was another attempt to move higher but that attempt was also blocked by resistance and brought stock price back to its same support range. Now, MR is trying to rally again for the third time and I think it will be successful this time around. It should move beyond its recent high this time before declining to its higher support at around $39.
Green Mountain Coffee Roasters (GMCR) also experienced a break out from its consolidation range. GMCR is still very close to its all time high and should see a new all time high soon. There is a support level at around $79 - $80 range as the price supported twice since the break out. However unlike the MR, GMCR looks like it could retrace back to its support level one more time.
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