Back in May MBLY was our Stock of the Week as a pre-breakout entry and it’s back as a post-breakout pullback play. We (Trade Report members and I) entered on the pullback to the 50 day moving average and have since watched it breakout out over the $48.75 breakout level and run up to $52.17. It now looks ready to consolidate before making it’s next move higher. An entry on pullback to the breakout level provides good reward to risk for the next leg up.
Logical targets are at the gap fill level near $54 and the October pivot high at $60.
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