Atlas broke the neckline of its reversed head and shoulder early last week at 12 which was accompanied by exceptionally high volume, pointing at 22.40 as a possible price target. It is now approaching its major resistance at 17 and only 11.63% away from its recent closing at 14.78.
MACD reading is relatively bullish, and DMI reading is also suggesting that current uptrend is relatively strong.
10-day moving average has finally crossed above the 50-day and 200-day moving average confirming the uptrend.
Weekly trend is up.
1-Year Daily Chart
Rate of Change is still pointing up suggesting further advance in the near term.
DMI reading suggests the current trend is relatively strong. Recent new highs are accompanied by heavy volume, confirming the validity of uptrend.
Technical indicators are suggesting that the price is relatively at the peak already in the short term, giving a relatively high risk-low reward if one is to take a position at the current price. However, pullbacks would provide good buying opportunities.
A pullback to 14.42 should provide good entry.
Daily trend is up.
To provide a different point of view:
10-Year Weekly Chart flipped upside-down
Breakdown? Assuming shorting is allowed in our market, will you short this stock with this setup?
Caveat.
